Correlation Between My Size and Accenture Plc
Can any of the company-specific risk be diversified away by investing in both My Size and Accenture Plc at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining My Size and Accenture Plc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between My Size and Accenture plc, you can compare the effects of market volatilities on My Size and Accenture Plc 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 My Size with a short position of Accenture Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of My Size and Accenture Plc.
Diversification Opportunities for My Size and Accenture Plc
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MYSZ and Accenture is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding My Size and Accenture plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accenture plc and My Size 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 My Size are associated (or correlated) with Accenture Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accenture plc has no effect on the direction of My Size i.e., My Size and Accenture Plc go up and down completely randomly.
Pair Corralation between My Size and Accenture Plc
Given the investment horizon of 90 days My Size is expected to generate 3.93 times more return on investment than Accenture Plc. However, My Size is 3.93 times more volatile than Accenture plc. It trades about 0.11 of its potential returns per unit of risk. Accenture plc is currently generating about -0.26 per unit of risk. If you would invest 358.00 in My Size on January 26, 2024 and sell it today you would earn a total of 31.00 from holding My Size or generate 8.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
My Size vs. Accenture plc
Performance |
| Timeline |
| My Size |
| Accenture plc |
My Size and Accenture Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with My Size and Accenture Plc
The main advantage of trading using opposite My Size and Accenture Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if My Size position performs unexpectedly, Accenture Plc 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 Accenture Plc will offset losses from the drop in Accenture Plc's long position.| My Size vs. Oneconnect Financial Technology | My Size vs. Trust Stamp | My Size vs. Amesite OperatingCo | My Size vs. Infobird Co |
| Accenture Plc vs. CACI International | Accenture Plc vs. CDW Corp | Accenture Plc vs. Jack Henry Associates | Accenture Plc vs. Broadridge Financial Solutions |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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