Correlation Between Sports Toto and MyTech Group
Can any of the company-specific risk be diversified away by investing in both Sports Toto and MyTech Group 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 Sports Toto and MyTech Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sports Toto Berhad and MyTech Group Bhd, you can compare the effects of market volatilities on Sports Toto and MyTech Group 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 Sports Toto with a short position of MyTech Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sports Toto and MyTech Group.
Diversification Opportunities for Sports Toto and MyTech Group
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sports and MyTech is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Sports Toto Berhad and MyTech Group Bhd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MyTech Group Bhd and Sports Toto 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 Sports Toto Berhad are associated (or correlated) with MyTech Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MyTech Group Bhd has no effect on the direction of Sports Toto i.e., Sports Toto and MyTech Group go up and down completely randomly.
Pair Corralation between Sports Toto and MyTech Group
Assuming the 90 days trading horizon Sports Toto Berhad is expected to under-perform the MyTech Group. But the stock apears to be less risky and, when comparing its historical volatility, Sports Toto Berhad is 3.29 times less risky than MyTech Group. The stock trades about -0.21 of its potential returns per unit of risk. The MyTech Group Bhd is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 42.00 in MyTech Group Bhd on September 5, 2024 and sell it today you would earn a total of 0.00 from holding MyTech Group Bhd or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sports Toto Berhad vs. MyTech Group Bhd
Performance |
| Timeline |
| Sports Toto Berhad |
| MyTech Group Bhd |
Sports Toto and MyTech Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sports Toto and MyTech Group
The main advantage of trading using opposite Sports Toto and MyTech Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sports Toto position performs unexpectedly, MyTech Group 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 MyTech Group will offset losses from the drop in MyTech Group's long position.| Sports Toto vs. ES Ceramics Technology | Sports Toto vs. Magni Tech Industries | Sports Toto vs. Computer Forms Bhd | Sports Toto vs. EA Technique M |
| MyTech Group vs. Farm Price Holdings | MyTech Group vs. Dataprep Holdings Bhd | MyTech Group vs. Sports Toto Berhad | MyTech Group vs. Greatech Technology Bhd |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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