Correlation Between Hugo Boss and MULTI CHEM
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By analyzing existing cross correlation between Hugo Boss AG and MULTI CHEM LTD, you can compare the effects of market volatilities on Hugo Boss and MULTI CHEM 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 Hugo Boss with a short position of MULTI CHEM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and MULTI CHEM.
Diversification Opportunities for Hugo Boss and MULTI CHEM
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hugo and MULTI is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG and MULTI CHEM LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MULTI CHEM LTD and Hugo Boss 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 Hugo Boss AG are associated (or correlated) with MULTI CHEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MULTI CHEM LTD has no effect on the direction of Hugo Boss i.e., Hugo Boss and MULTI CHEM go up and down completely randomly.
Pair Corralation between Hugo Boss and MULTI CHEM
Assuming the 90 days trading horizon Hugo Boss AG is expected to generate 1.45 times more return on investment than MULTI CHEM. However, Hugo Boss is 1.45 times more volatile than MULTI CHEM LTD. It trades about 0.08 of its potential returns per unit of risk. MULTI CHEM LTD is currently generating about 0.02 per unit of risk. If you would invest 3,836 in Hugo Boss AG on September 23, 2024 and sell it today you would earn a total of 521.00 from holding Hugo Boss AG or generate 13.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Hugo Boss AG vs. MULTI CHEM LTD
Performance |
Timeline |
Hugo Boss AG |
MULTI CHEM LTD |
Hugo Boss and MULTI CHEM Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hugo Boss and MULTI CHEM
The main advantage of trading using opposite Hugo Boss and MULTI CHEM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss position performs unexpectedly, MULTI CHEM 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 MULTI CHEM will offset losses from the drop in MULTI CHEM's long position.Hugo Boss vs. HM HENMAUUNSPADR 15 | Hugo Boss vs. H M Hennes | Hugo Boss vs. H M Hennes | Hugo Boss vs. Moncler SpA |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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