Correlation Between Migdal Mutual and Target
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By analyzing existing cross correlation between Migdal Mutual Funds and Target, you can compare the effects of market volatilities on Migdal Mutual and Target 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 Target. Check out your portfolio center. Please also check ongoing floating volatility patterns of Migdal Mutual and Target.
Diversification Opportunities for Migdal Mutual and Target
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Migdal and Target is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Migdal Mutual Funds and Target in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Target 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 Target. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Target has no effect on the direction of Migdal Mutual i.e., Migdal Mutual and Target go up and down completely randomly.
Pair Corralation between Migdal Mutual and Target
Assuming the 90 days trading horizon Migdal Mutual is expected to generate 8.86 times less return on investment than Target. But when comparing it to its historical volatility, Migdal Mutual Funds is 2.22 times less risky than Target. It trades about 0.04 of its potential returns per unit of risk. Target is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 13,712 in Target on January 19, 2024 and sell it today you would earn a total of 2,735 from holding Target or generate 19.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 80.65% |
| Values | Daily Returns |
Migdal Mutual Funds vs. Target
Performance |
| Timeline |
| Migdal Mutual Funds |
| Target |
Migdal Mutual and Target Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Migdal Mutual and Target
The main advantage of trading using opposite Migdal Mutual and Target positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Migdal Mutual position performs unexpectedly, Target 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 Target will offset losses from the drop in Target'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 |
| Target vs. Betterware De Mexico | Target vs. Amexdrug | Target vs. Provident Bancorp | Target vs. Mersana Therapeutics |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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