Correlation Between Newage and My Size
Can any of the company-specific risk be diversified away by investing in both Newage and My Size 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 Newage and My Size into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Newage Inc and My Size, you can compare the effects of market volatilities on Newage and My Size 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 Newage with a short position of My Size. Check out your portfolio center. Please also check ongoing floating volatility patterns of Newage and My Size.
Diversification Opportunities for Newage and My Size
Very poor diversification
The 3 months correlation between Newage and MYSZ is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Newage Inc and My Size in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on My Size and Newage 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 Newage Inc are associated (or correlated) with My Size. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of My Size has no effect on the direction of Newage i.e., Newage and My Size go up and down completely randomly.
Pair Corralation between Newage and My Size
If you would invest 0.50 in Newage Inc on January 24, 2024 and sell it today you would earn a total of 0.00 from holding Newage Inc or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 25.0% |
Values | Daily Returns |
Newage Inc vs. My Size
Performance |
Timeline |
Newage Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
My Size |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Newage and My Size Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Newage and My Size
The main advantage of trading using opposite Newage and My Size positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Newage position performs unexpectedly, My Size 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 My Size will offset losses from the drop in My Size's long position.Newage vs. Silo Pharma | Newage vs. Canada Goose Holdings | Newage vs. Ross Stores | Newage vs. Hibbett Sports |
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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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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