Correlation Between Bet At and Atalaya Mining
Can any of the company-specific risk be diversified away by investing in both Bet At and Atalaya Mining 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 Bet At and Atalaya Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between bet at home AG and Atalaya Mining, you can compare the effects of market volatilities on Bet At and Atalaya Mining 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 Bet At with a short position of Atalaya Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bet At and Atalaya Mining.
Diversification Opportunities for Bet At and Atalaya Mining
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Bet and Atalaya is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding bet at home AG and Atalaya Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atalaya Mining and Bet At 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 bet at home AG are associated (or correlated) with Atalaya Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atalaya Mining has no effect on the direction of Bet At i.e., Bet At and Atalaya Mining go up and down completely randomly.
Pair Corralation between Bet At and Atalaya Mining
Assuming the 90 days trading horizon bet at home AG is expected to generate 1.19 times more return on investment than Atalaya Mining. However, Bet At is 1.19 times more volatile than Atalaya Mining. It trades about 0.15 of its potential returns per unit of risk. Atalaya Mining is currently generating about 0.07 per unit of risk. If you would invest 247.00 in bet at home AG on October 12, 2024 and sell it today you would earn a total of 16.00 from holding bet at home AG or generate 6.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
bet at home AG vs. Atalaya Mining
Performance |
| Timeline |
| bet at home |
| Atalaya Mining |
Bet At and Atalaya Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bet At and Atalaya Mining
The main advantage of trading using opposite Bet At and Atalaya Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bet At position performs unexpectedly, Atalaya Mining 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 Atalaya Mining will offset losses from the drop in Atalaya Mining's long position.| Bet At vs. National Beverage Corp | Bet At vs. Dairy Farm International | Bet At vs. Vienna Insurance Group | Bet At vs. Premier Foods PLC |
| Atalaya Mining vs. Tatton Asset Management | Atalaya Mining vs. United Utilities Group | Atalaya Mining vs. Livermore Investments Group | Atalaya Mining vs. bet at home AG |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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