Correlation Between Migdal Mutual and Apple
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By analyzing existing cross correlation between Migdal Mutual Funds and Apple Inc, you can compare the effects of market volatilities on Migdal Mutual and Apple and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Migdal Mutual with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Migdal Mutual and Apple.
Diversification Opportunities for Migdal Mutual and Apple
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Migdal and Apple is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Migdal Mutual Funds and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc 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 Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Migdal Mutual i.e., Migdal Mutual and Apple go up and down completely randomly.
Pair Corralation between Migdal Mutual and Apple
Assuming the 90 days trading horizon Migdal Mutual is expected to generate 2.38 times less return on investment than Apple. But when comparing it to its historical volatility, Migdal Mutual Funds is 1.54 times less risky than Apple. It trades about 0.12 of its potential returns per unit of risk. Apple Inc is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 16,845 in Apple Inc on February 7, 2024 and sell it today you would earn a total of 1,395 from holding Apple Inc or generate 8.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 68.18% |
Values | Daily Returns |
Migdal Mutual Funds vs. Apple Inc
Performance |
Timeline |
Migdal Mutual Funds |
Apple Inc |
Migdal Mutual and Apple Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Migdal Mutual and Apple
The main advantage of trading using opposite Migdal Mutual and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Migdal Mutual position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple'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 |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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