Correlation Between Hollywood Bowl and ATRYS HEALTH
Can any of the company-specific risk be diversified away by investing in both Hollywood Bowl and ATRYS HEALTH 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 Hollywood Bowl and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hollywood Bowl Group and ATRYS HEALTH SA, you can compare the effects of market volatilities on Hollywood Bowl and ATRYS HEALTH 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 Hollywood Bowl with a short position of ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hollywood Bowl and ATRYS HEALTH.
Diversification Opportunities for Hollywood Bowl and ATRYS HEALTH
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hollywood and ATRYS is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Hollywood Bowl Group and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA and Hollywood Bowl 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 Hollywood Bowl Group are associated (or correlated) with ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of Hollywood Bowl i.e., Hollywood Bowl and ATRYS HEALTH go up and down completely randomly.
Pair Corralation between Hollywood Bowl and ATRYS HEALTH
Assuming the 90 days horizon Hollywood Bowl Group is expected to generate 0.64 times more return on investment than ATRYS HEALTH. However, Hollywood Bowl Group is 1.56 times less risky than ATRYS HEALTH. It trades about 0.1 of its potential returns per unit of risk. ATRYS HEALTH SA is currently generating about -0.06 per unit of risk. If you would invest 368.00 in Hollywood Bowl Group on September 4, 2024 and sell it today you would earn a total of 10.00 from holding Hollywood Bowl Group or generate 2.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hollywood Bowl Group vs. ATRYS HEALTH SA
Performance |
| Timeline |
| Hollywood Bowl Group |
| ATRYS HEALTH SA |
Hollywood Bowl and ATRYS HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hollywood Bowl and ATRYS HEALTH
The main advantage of trading using opposite Hollywood Bowl and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hollywood Bowl position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.| Hollywood Bowl vs. Li Ning Company | Hollywood Bowl vs. SHIMANO INC UNSPADR10 | Hollywood Bowl vs. Superior Plus Corp | Hollywood Bowl vs. NMI Holdings |
| ATRYS HEALTH vs. Mercedes Benz Group AG | ATRYS HEALTH vs. Moderna | ATRYS HEALTH vs. BioNTech SE | ATRYS HEALTH vs. Superior Plus Corp |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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