Correlation Between Micron Technology and SOUTHERN
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By analyzing existing cross correlation between Micron Technology and SOUTHERN PER CORP, you can compare the effects of market volatilities on Micron Technology and SOUTHERN 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 SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Micron Technology and SOUTHERN.
Diversification Opportunities for Micron Technology and SOUTHERN
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Micron and SOUTHERN is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Micron Technology and SOUTHERN PER CORP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN PER P 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 SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN PER P has no effect on the direction of Micron Technology i.e., Micron Technology and SOUTHERN go up and down completely randomly.
Pair Corralation between Micron Technology and SOUTHERN
Allowing for the 90-day total investment horizon Micron Technology is expected to under-perform the SOUTHERN. In addition to that, Micron Technology is 5.22 times more volatile than SOUTHERN PER CORP. It trades about -0.11 of its total potential returns per unit of risk. SOUTHERN PER CORP is currently generating about 0.18 per unit of volatility. If you would invest 9,113 in SOUTHERN PER CORP on September 23, 2024 and sell it today you would earn a total of 312.00 from holding SOUTHERN PER CORP or generate 3.42% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
Micron Technology vs. SOUTHERN PER CORP
Performance |
Timeline |
Micron Technology |
SOUTHERN PER P |
Micron Technology and SOUTHERN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Micron Technology and SOUTHERN
The main advantage of trading using opposite Micron Technology and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Micron Technology position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.Micron Technology vs. Diodes Incorporated | ||
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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