Correlation Between ANGLER GAMING and ATRESMEDIA
Can any of the company-specific risk be diversified away by investing in both ANGLER GAMING and ATRESMEDIA 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 ANGLER GAMING and ATRESMEDIA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANGLER GAMING PLC and ATRESMEDIA, you can compare the effects of market volatilities on ANGLER GAMING and ATRESMEDIA 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 ANGLER GAMING with a short position of ATRESMEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANGLER GAMING and ATRESMEDIA.
Diversification Opportunities for ANGLER GAMING and ATRESMEDIA
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between ANGLER and ATRESMEDIA is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding ANGLER GAMING PLC and ATRESMEDIA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRESMEDIA and ANGLER GAMING 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 ANGLER GAMING PLC are associated (or correlated) with ATRESMEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRESMEDIA has no effect on the direction of ANGLER GAMING i.e., ANGLER GAMING and ATRESMEDIA go up and down completely randomly.
Pair Corralation between ANGLER GAMING and ATRESMEDIA
Assuming the 90 days horizon ANGLER GAMING PLC is expected to under-perform the ATRESMEDIA. In addition to that, ANGLER GAMING is 5.06 times more volatile than ATRESMEDIA. It trades about -0.11 of its total potential returns per unit of risk. ATRESMEDIA is currently generating about 0.37 per unit of volatility. If you would invest 439.00 in ATRESMEDIA on September 12, 2024 and sell it today you would earn a total of 33.00 from holding ATRESMEDIA or generate 7.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANGLER GAMING PLC vs. ATRESMEDIA
Performance |
| Timeline |
| ANGLER GAMING PLC |
| ATRESMEDIA |
ANGLER GAMING and ATRESMEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANGLER GAMING and ATRESMEDIA
The main advantage of trading using opposite ANGLER GAMING and ATRESMEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANGLER GAMING position performs unexpectedly, ATRESMEDIA 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 ATRESMEDIA will offset losses from the drop in ATRESMEDIA's long position.| ANGLER GAMING vs. REINET INVESTMENTS SCA | ANGLER GAMING vs. Virtus Investment Partners | ANGLER GAMING vs. SLR Investment Corp | ANGLER GAMING vs. Monster Beverage Corp |
| ATRESMEDIA vs. Insurance Australia Group | ATRESMEDIA vs. MSAD INSURANCE | ATRESMEDIA vs. Haier Smart Home | ATRESMEDIA vs. Singapore Reinsurance |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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