Correlation Between LILLY and Mediag3
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By analyzing existing cross correlation between LILLY ELI 275 and Mediag3, you can compare the effects of market volatilities on LILLY and Mediag3 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 LILLY with a short position of Mediag3. Check out your portfolio center. Please also check ongoing floating volatility patterns of LILLY and Mediag3.
Diversification Opportunities for LILLY and Mediag3
Pay attention - limited upside
The 3 months correlation between LILLY and Mediag3 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding LILLY ELI 275 and Mediag3 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mediag3 and LILLY 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 LILLY ELI 275 are associated (or correlated) with Mediag3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mediag3 has no effect on the direction of LILLY i.e., LILLY and Mediag3 go up and down completely randomly.
Pair Corralation between LILLY and Mediag3
If you would invest 0.01 in Mediag3 on September 25, 2024 and sell it today you would earn a total of 0.00 from holding Mediag3 or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 90.0% |
Values | Daily Returns |
LILLY ELI 275 vs. Mediag3
Performance |
Timeline |
LILLY ELI 275 |
Mediag3 |
LILLY and Mediag3 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with LILLY and Mediag3
The main advantage of trading using opposite LILLY and Mediag3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LILLY position performs unexpectedly, Mediag3 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 Mediag3 will offset losses from the drop in Mediag3's long position.LILLY vs. Mediag3 | LILLY vs. Emerson Radio | LILLY vs. Eastman Kodak Co | LILLY vs. Delek Logistics Partners |
Mediag3 vs. Liberty Broadband Srs | Mediag3 vs. ATN International | Mediag3 vs. Shenandoah Telecommunications Co | Mediag3 vs. KT Corporation |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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