Correlation Between Mint Incorporation and Alta Equipment
Can any of the company-specific risk be diversified away by investing in both Mint Incorporation and Alta Equipment 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 Mint Incorporation and Alta Equipment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mint Incorporation Limited and Alta Equipment Group, you can compare the effects of market volatilities on Mint Incorporation and Alta Equipment 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 Mint Incorporation with a short position of Alta Equipment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mint Incorporation and Alta Equipment.
Diversification Opportunities for Mint Incorporation and Alta Equipment
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Mint and Alta is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Mint Incorp. Limited and Alta Equipment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alta Equipment Group and Mint Incorporation 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 Mint Incorporation Limited are associated (or correlated) with Alta Equipment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alta Equipment Group has no effect on the direction of Mint Incorporation i.e., Mint Incorporation and Alta Equipment go up and down completely randomly.
Pair Corralation between Mint Incorporation and Alta Equipment
Given the investment horizon of 90 days Mint Incorporation Limited is expected to under-perform the Alta Equipment. In addition to that, Mint Incorporation is 3.73 times more volatile than Alta Equipment Group. It trades about -0.23 of its total potential returns per unit of risk. Alta Equipment Group is currently generating about -0.22 per unit of volatility. If you would invest 815.00 in Alta Equipment Group on September 1, 2025 and sell it today you would lose (327.00) from holding Alta Equipment Group or give up 40.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mint Incorp. Limited vs. Alta Equipment Group
Performance |
| Timeline |
| Mint Incorporation |
| Alta Equipment Group |
Mint Incorporation and Alta Equipment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mint Incorporation and Alta Equipment
The main advantage of trading using opposite Mint Incorporation and Alta Equipment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mint Incorporation position performs unexpectedly, Alta Equipment 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 Alta Equipment will offset losses from the drop in Alta Equipment's long position.| Mint Incorporation vs. China Education Resources | Mint Incorporation vs. Quality Online Education | Mint Incorporation vs. Skillful Craftsman Education | Mint Incorporation vs. ICL Israel Chemicals |
| Alta Equipment vs. Luckin Coffee | Alta Equipment vs. STRATEC Biomedical AG | Alta Equipment vs. Coffee Holding Co | Alta Equipment vs. Todos Medical |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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