Correlation Between Hugo Boss and Mid America
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hugo Boss AG and Mid America Apartment Communities, you can compare the effects of market volatilities on Hugo Boss and Mid America 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 Hugo Boss with a short position of Mid America. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and Mid America.
Diversification Opportunities for Hugo Boss and Mid America
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hugo and Mid is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG and Mid America Apartment Communit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mid America Apartment and Hugo Boss 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 Hugo Boss AG are associated (or correlated) with Mid America. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mid America Apartment has no effect on the direction of Hugo Boss i.e., Hugo Boss and Mid America go up and down completely randomly.
Pair Corralation between Hugo Boss and Mid America
Assuming the 90 days trading horizon Hugo Boss AG is expected to generate 4.07 times more return on investment than Mid America. However, Hugo Boss is 4.07 times more volatile than Mid America Apartment Communities. It trades about 0.07 of its potential returns per unit of risk. Mid America Apartment Communities is currently generating about 0.04 per unit of risk. If you would invest 3,902 in Hugo Boss AG on September 13, 2024 and sell it today you would earn a total of 180.00 from holding Hugo Boss AG or generate 4.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.65% |
Values | Daily Returns |
Hugo Boss AG vs. Mid America Apartment Communit
Performance |
Timeline |
Hugo Boss AG |
Mid America Apartment |
Hugo Boss and Mid America Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hugo Boss and Mid America
The main advantage of trading using opposite Hugo Boss and Mid America positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss position performs unexpectedly, Mid America 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 Mid America will offset losses from the drop in Mid America's long position.Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
Mid America vs. HEMISPHERE EGY | Mid America vs. ANTA SPORTS PRODUCT | Mid America vs. DICKS Sporting Goods | Mid America vs. Columbia Sportswear |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
Global Correlations Find global opportunities by holding instruments from different markets | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |