Correlation Between Migdal Mutual and United Parcel
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By analyzing existing cross correlation between Migdal Mutual Funds and United Parcel Service, you can compare the effects of market volatilities on Migdal Mutual and United Parcel 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 United Parcel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Migdal Mutual and United Parcel.
Diversification Opportunities for Migdal Mutual and United Parcel
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Migdal and United is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Migdal Mutual Funds and United Parcel Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Parcel Service 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 United Parcel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Parcel Service has no effect on the direction of Migdal Mutual i.e., Migdal Mutual and United Parcel go up and down completely randomly.
Pair Corralation between Migdal Mutual and United Parcel
Assuming the 90 days trading horizon Migdal Mutual Funds is expected to generate 0.47 times more return on investment than United Parcel. However, Migdal Mutual Funds is 2.11 times less risky than United Parcel. It trades about 0.03 of its potential returns per unit of risk. United Parcel Service is currently generating about -0.15 per unit of risk. If you would invest 253,400 in Migdal Mutual Funds on January 24, 2024 and sell it today you would earn a total of 1,300 from holding Migdal Mutual Funds or generate 0.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.0% |
| Values | Daily Returns |
Migdal Mutual Funds vs. United Parcel Service
Performance |
| Timeline |
| Migdal Mutual Funds |
| United Parcel Service |
Migdal Mutual and United Parcel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Migdal Mutual and United Parcel
The main advantage of trading using opposite Migdal Mutual and United Parcel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Migdal Mutual position performs unexpectedly, United Parcel 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 United Parcel will offset losses from the drop in United Parcel'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 |
| United Parcel vs. JB Hunt Transport | United Parcel vs. Aquagold International | United Parcel vs. Thrivent High Yield | United Parcel vs. Morningstar Unconstrained Allocation |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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