Correlation Between Mccoy Global and Quarterhill
Can any of the company-specific risk be diversified away by investing in both Mccoy Global and Quarterhill 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 Mccoy Global and Quarterhill into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mccoy Global and Quarterhill, you can compare the effects of market volatilities on Mccoy Global and Quarterhill 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 Mccoy Global with a short position of Quarterhill. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mccoy Global and Quarterhill.
Diversification Opportunities for Mccoy Global and Quarterhill
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mccoy and Quarterhill is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Mccoy Global and Quarterhill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Quarterhill and Mccoy Global 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 Mccoy Global are associated (or correlated) with Quarterhill. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Quarterhill has no effect on the direction of Mccoy Global i.e., Mccoy Global and Quarterhill go up and down completely randomly.
Pair Corralation between Mccoy Global and Quarterhill
Assuming the 90 days trading horizon Mccoy Global is expected to generate 1.38 times more return on investment than Quarterhill. However, Mccoy Global is 1.38 times more volatile than Quarterhill. It trades about 0.06 of its potential returns per unit of risk. Quarterhill is currently generating about -0.06 per unit of risk. If you would invest 329.00 in Mccoy Global on May 6, 2025 and sell it today you would earn a total of 29.00 from holding Mccoy Global or generate 8.81% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Mccoy Global vs. Quarterhill
Performance |
Timeline |
Mccoy Global |
Quarterhill |
Mccoy Global and Quarterhill Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Mccoy Global and Quarterhill
The main advantage of trading using opposite Mccoy Global and Quarterhill positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mccoy Global position performs unexpectedly, Quarterhill 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 Quarterhill will offset losses from the drop in Quarterhill's long position.Mccoy Global vs. Bri Chem Corp | Mccoy Global vs. Pulse Seismic | Mccoy Global vs. High Arctic Energy | Mccoy Global vs. ACT Energy Technologies |
Quarterhill vs. Baylin Technologies | Quarterhill vs. Evertz Technologies Limited | Quarterhill vs. Vecima Networks | Quarterhill vs. Bewhere Holdings |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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