Two Equities Correlation Analysis
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MTF-F34.TA
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Migdal Mutual and NYSE Composite
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Migdal and NYSE is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Migdal Mutual Funds and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Migdal Mutual is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Migdal Mutual Funds are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Migdal Mutual i.e., Migdal Mutual and NYSE Composite go up and down completely randomly.
Pair Corralation between Migdal Mutual and NYSE Composite
Assuming the 90 days trading horizon Migdal Mutual Funds is expected to generate 1.57 times more return on investment than NYSE Composite. However, Migdal Mutual is 1.57 times more volatile than NYSE Composite. It trades about 0.15 of its potential returns per unit of risk. NYSE Composite is currently generating about 0.12 per unit of risk. If you would invest 336,300 in Migdal Mutual Funds on January 26, 2024 and sell it today you would earn a total of 24,200 from holding Migdal Mutual Funds or generate 7.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 79.03% |
| Values | Daily Returns |
Migdal Mutual Funds vs. NYSE Composite
Performance |
| Timeline |
Migdal Mutual and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Migdal Mutual Funds
Pair trading matchups for Migdal Mutual
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Migdal Mutual and NYSE Composite
The main advantage of trading using opposite Migdal Mutual and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Migdal Mutual position performs unexpectedly, NYSE Composite can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds | Migdal Mutual vs. Migdal Mutual Funds |
| NYSE Composite vs. Nike Inc | NYSE Composite vs. Zoom Video Communications | NYSE Composite vs. Vera Bradley | NYSE Composite vs. Torm PLC Class |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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