Correlation Between First Merchants and 17136MAB8
Specify exactly 2 symbols:
By analyzing existing cross correlation between First Merchants and CHD 5 15 JUN 52, you can compare the effects of market volatilities on First Merchants and 17136MAB8 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 First Merchants with a short position of 17136MAB8. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Merchants and 17136MAB8.
Diversification Opportunities for First Merchants and 17136MAB8
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between First and 17136MAB8 is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding First Merchants and CHD 5 15 JUN 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 17136MAB8 and First Merchants 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 First Merchants are associated (or correlated) with 17136MAB8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 17136MAB8 has no effect on the direction of First Merchants i.e., First Merchants and 17136MAB8 go up and down completely randomly.
Pair Corralation between First Merchants and 17136MAB8
Given the investment horizon of 90 days First Merchants is expected to generate 0.97 times more return on investment than 17136MAB8. However, First Merchants is 1.03 times less risky than 17136MAB8. It trades about 0.04 of its potential returns per unit of risk. CHD 5 15 JUN 52 is currently generating about 0.0 per unit of risk. If you would invest 3,567 in First Merchants on September 24, 2024 and sell it today you would earn a total of 522.00 from holding First Merchants or generate 14.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 60.64% |
Values | Daily Returns |
First Merchants vs. CHD 5 15 JUN 52
Performance |
Timeline |
First Merchants |
17136MAB8 |
First Merchants and 17136MAB8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with First Merchants and 17136MAB8
The main advantage of trading using opposite First Merchants and 17136MAB8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Merchants position performs unexpectedly, 17136MAB8 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 17136MAB8 will offset losses from the drop in 17136MAB8's long position.First Merchants vs. Home Federal Bancorp | First Merchants vs. First Northwest Bancorp | First Merchants vs. HomeTrust Bancshares | First Merchants vs. Lake Shore Bancorp |
17136MAB8 vs. Afya | 17136MAB8 vs. Lindblad Expeditions Holdings | 17136MAB8 vs. LB Foster | 17136MAB8 vs. RBC Bearings Incorporated |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |