Correlation Between Marine Products and 51job
Can any of the company-specific risk be diversified away by investing in both Marine Products and 51job 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 Marine Products and 51job into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marine Products and 51job Inc, you can compare the effects of market volatilities on Marine Products and 51job 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 Marine Products with a short position of 51job. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and 51job.
Diversification Opportunities for Marine Products and 51job
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marine and 51job is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and 51job Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 51job Inc and Marine Products 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 Marine Products are associated (or correlated) with 51job. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 51job Inc has no effect on the direction of Marine Products i.e., Marine Products and 51job go up and down completely randomly.
Pair Corralation between Marine Products and 51job
If you would invest 1,046 in Marine Products on February 19, 2024 and sell it today you would lose (10.00) from holding Marine Products or give up 0.96% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Marine Products vs. 51job Inc
Performance |
Timeline |
Marine Products |
51job Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Marine Products and 51job Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Marine Products and 51job
The main advantage of trading using opposite Marine Products and 51job positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, 51job 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 51job will offset losses from the drop in 51job's long position.Marine Products vs. Thor Industries | Marine Products vs. BRP Inc | Marine Products vs. Brunswick | Marine Products vs. EZGO Technologies |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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