Correlation Between Marine Products and Bob Evans
Can any of the company-specific risk be diversified away by investing in both Marine Products and Bob Evans 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 Bob Evans into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marine Products and Bob Evans Farms, you can compare the effects of market volatilities on Marine Products and Bob Evans 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 Bob Evans. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and Bob Evans.
Diversification Opportunities for Marine Products and Bob Evans
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marine and Bob is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and Bob Evans Farms in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bob Evans Farms 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 Bob Evans. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bob Evans Farms has no effect on the direction of Marine Products i.e., Marine Products and Bob Evans go up and down completely randomly.
Pair Corralation between Marine Products and Bob Evans
If you would invest (100.00) in Bob Evans Farms on March 8, 2024 and sell it today you would earn a total of 100.00 from holding Bob Evans Farms or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Marine Products vs. Bob Evans Farms
Performance |
Timeline |
Marine Products |
Bob Evans Farms |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Marine Products and Bob Evans Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Marine Products and Bob Evans
The main advantage of trading using opposite Marine Products and Bob Evans positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, Bob Evans 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 Bob Evans will offset losses from the drop in Bob Evans' long position.Marine Products vs. EZGO Technologies | Marine Products vs. Brunswick | Marine Products vs. Ree Automotive Holding | Marine Products vs. LCI Industries |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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