Correlation Between Mohawk Group and Apple
Can any of the company-specific risk be diversified away by investing in both Mohawk Group and Apple at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Mohawk Group and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mohawk Group Holdings and Apple Inc, you can compare the effects of market volatilities on Mohawk Group and Apple 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 Mohawk Group with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mohawk Group and Apple.
Diversification Opportunities for Mohawk Group and Apple
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mohawk and Apple is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mohawk Group Holdings and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Mohawk Group 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 Mohawk Group Holdings are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Mohawk Group i.e., Mohawk Group and Apple go up and down completely randomly.
Pair Corralation between Mohawk Group and Apple
If you would invest 15,587 in Apple Inc on January 19, 2024 and sell it today you would earn a total of 1,218 from holding Apple Inc or generate 7.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mohawk Group Holdings vs. Apple Inc
Performance |
| Timeline |
| Mohawk Group Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Apple Inc |
Mohawk Group and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mohawk Group and Apple
The main advantage of trading using opposite Mohawk Group and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mohawk Group position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| Mohawk Group vs. Highway Holdings Limited | Mohawk Group vs. Chester Mining | Mohawk Group vs. SunOpta | Mohawk Group vs. Marfrig Global Foods |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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