Correlation Between Micron Technology and INTNED
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By analyzing existing cross correlation between Micron Technology and INTNED 547761 01 APR 27, you can compare the effects of market volatilities on Micron Technology and INTNED 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 Micron Technology with a short position of INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of Micron Technology and INTNED.
Diversification Opportunities for Micron Technology and INTNED
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Micron and INTNED is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Micron Technology and INTNED 547761 01 APR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 547761 01 and Micron Technology 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 Micron Technology are associated (or correlated) with INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 547761 01 has no effect on the direction of Micron Technology i.e., Micron Technology and INTNED go up and down completely randomly.
Pair Corralation between Micron Technology and INTNED
Allowing for the 90-day total investment horizon Micron Technology is expected to generate 6.97 times more return on investment than INTNED. However, Micron Technology is 6.97 times more volatile than INTNED 547761 01 APR 27. It trades about 0.2 of its potential returns per unit of risk. INTNED 547761 01 APR 27 is currently generating about -0.36 per unit of risk. If you would invest 9,751 in Micron Technology on September 19, 2024 and sell it today you would earn a total of 1,109 from holding Micron Technology or generate 11.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 52.38% |
Values | Daily Returns |
Micron Technology vs. INTNED 547761 01 APR 27
Performance |
Timeline |
Micron Technology |
INTNED 547761 01 |
Micron Technology and INTNED Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Micron Technology and INTNED
The main advantage of trading using opposite Micron Technology and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Micron Technology position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.The idea behind Micron Technology and INTNED 547761 01 APR 27 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.INTNED vs. Sabre Corpo | INTNED vs. Huadi International Group | INTNED vs. ArcelorMittal SA ADR | INTNED vs. Forsys Metals Corp |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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