Correlation Between MYR and ScanTech
Can any of the company-specific risk be diversified away by investing in both MYR and ScanTech 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 MYR and ScanTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MYR Group and ScanTech AI Systems, you can compare the effects of market volatilities on MYR and ScanTech 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 MYR with a short position of ScanTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of MYR and ScanTech.
Diversification Opportunities for MYR and ScanTech
Pay attention - limited upside
The 3 months correlation between MYR and ScanTech is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding MYR Group and ScanTech AI Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ScanTech AI Systems and MYR 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 MYR Group are associated (or correlated) with ScanTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ScanTech AI Systems has no effect on the direction of MYR i.e., MYR and ScanTech go up and down completely randomly.
Pair Corralation between MYR and ScanTech
Given the investment horizon of 90 days MYR Group is expected to generate 0.34 times more return on investment than ScanTech. However, MYR Group is 2.98 times less risky than ScanTech. It trades about 0.25 of its potential returns per unit of risk. ScanTech AI Systems is currently generating about -0.03 per unit of risk. If you would invest 17,915 in MYR Group on April 26, 2025 and sell it today you would earn a total of 1,619 from holding MYR Group or generate 9.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MYR Group vs. ScanTech AI Systems
Performance |
| Timeline |
| MYR Group |
| ScanTech AI Systems |
MYR and ScanTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MYR and ScanTech
The main advantage of trading using opposite MYR and ScanTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MYR position performs unexpectedly, ScanTech 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 ScanTech will offset losses from the drop in ScanTech's long position.| MYR vs. Comfort Systems USA | MYR vs. Granite Construction Incorporated | MYR vs. Dycom Industries | MYR vs. MasTec Inc |
| ScanTech vs. NRG Energy | ScanTech vs. Enel Chile SA | ScanTech vs. Communications Synergy Technologies | ScanTech vs. WEC Energy Group |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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