Correlation Between News Corp and Independence Holding
Can any of the company-specific risk be diversified away by investing in both News Corp and Independence Holding 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 News Corp and Independence Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between News Corp A and Independence Holding, you can compare the effects of market volatilities on News Corp and Independence Holding 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 News Corp with a short position of Independence Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of News Corp and Independence Holding.
Diversification Opportunities for News Corp and Independence Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between News and Independence is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding News Corp A and Independence Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Independence Holding and News Corp 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 News Corp A are associated (or correlated) with Independence Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Independence Holding has no effect on the direction of News Corp i.e., News Corp and Independence Holding go up and down completely randomly.
Pair Corralation between News Corp and Independence Holding
If you would invest 1,710 in News Corp A on January 19, 2024 and sell it today you would earn a total of 693.00 from holding News Corp A or generate 40.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
News Corp A vs. Independence Holding
Performance |
| Timeline |
| News Corp A |
| Independence Holding |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
News Corp and Independence Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with News Corp and Independence Holding
The main advantage of trading using opposite News Corp and Independence Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if News Corp position performs unexpectedly, Independence Holding 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 Independence Holding will offset losses from the drop in Independence Holding's long position.| News Corp vs. Fox Corp Class | News Corp vs. Liberty Media | News Corp vs. Marcus | News Corp vs. Madison Square Garden |
| Independence Holding vs. KeyCorp | Independence Holding vs. Pintec Technology Holdings | Independence Holding vs. Univest Pennsylvania | Independence Holding vs. National CineMedia |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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