Correlation Between CardieX and Hot Mamas
Can any of the company-specific risk be diversified away by investing in both CardieX and Hot Mamas 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 CardieX and Hot Mamas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CardieX Limited and Hot Mamas Foods, you can compare the effects of market volatilities on CardieX and Hot Mamas 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 CardieX with a short position of Hot Mamas. Check out your portfolio center. Please also check ongoing floating volatility patterns of CardieX and Hot Mamas.
Diversification Opportunities for CardieX and Hot Mamas
Pay attention - limited upside
The 3 months correlation between CardieX and Hot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CardieX Limited and Hot Mamas Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hot Mamas Foods and CardieX 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 CardieX Limited are associated (or correlated) with Hot Mamas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hot Mamas Foods has no effect on the direction of CardieX i.e., CardieX and Hot Mamas go up and down completely randomly.
Pair Corralation between CardieX and Hot Mamas
If you would invest (100.00) in Hot Mamas Foods on January 20, 2024 and sell it today you would earn a total of 100.00 from holding Hot Mamas Foods or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CardieX Limited vs. Hot Mamas Foods
Performance |
| Timeline |
| CardieX Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Hot Mamas Foods |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
CardieX and Hot Mamas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CardieX and Hot Mamas
The main advantage of trading using opposite CardieX and Hot Mamas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CardieX position performs unexpectedly, Hot Mamas 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 Hot Mamas will offset losses from the drop in Hot Mamas' long position.| CardieX vs. Grocery Outlet Holding | CardieX vs. KNOT Offshore Partners | CardieX vs. Hanover Foods | CardieX vs. BorgWarner |
| Hot Mamas vs. Marchex | Hot Mamas vs. Tencent Music Entertainment | Hot Mamas vs. Videolocity International | Hot Mamas vs. Magnite |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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