Correlation Between Nextplat Corp and Maplebear
Can any of the company-specific risk be diversified away by investing in both Nextplat Corp and Maplebear 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 Nextplat Corp and Maplebear into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nextplat Corp and Maplebear, you can compare the effects of market volatilities on Nextplat Corp and Maplebear 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 Nextplat Corp with a short position of Maplebear. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nextplat Corp and Maplebear.
Diversification Opportunities for Nextplat Corp and Maplebear
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Nextplat and Maplebear is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Nextplat Corp and Maplebear in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maplebear and Nextplat Corp 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 Nextplat Corp are associated (or correlated) with Maplebear. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maplebear has no effect on the direction of Nextplat Corp i.e., Nextplat Corp and Maplebear go up and down completely randomly.
Pair Corralation between Nextplat Corp and Maplebear
Given the investment horizon of 90 days Nextplat Corp is expected to generate 2.03 times more return on investment than Maplebear. However, Nextplat Corp is 2.03 times more volatile than Maplebear. It trades about 0.08 of its potential returns per unit of risk. Maplebear is currently generating about -0.04 per unit of risk. If you would invest 61.00 in Nextplat Corp on May 26, 2025 and sell it today you would earn a total of 12.00 from holding Nextplat Corp or generate 19.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nextplat Corp vs. Maplebear
Performance |
| Timeline |
| Nextplat Corp |
| Maplebear |
Nextplat Corp and Maplebear Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nextplat Corp and Maplebear
The main advantage of trading using opposite Nextplat Corp and Maplebear positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nextplat Corp position performs unexpectedly, Maplebear 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 Maplebear will offset losses from the drop in Maplebear's long position.| Nextplat Corp vs. NextPlat Corp | Nextplat Corp vs. Liquid Avatar Technologies | Nextplat Corp vs. Wirecard AG | Nextplat Corp vs. Waldencast Acquisition Corp |
| Maplebear vs. Reservoir Media | Maplebear vs. Zhihu Inc ADR | Maplebear vs. Cheche Group Class | Maplebear vs. Ameriprise Financial |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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