Correlation Between SIDETRADE and Bet At
Can any of the company-specific risk be diversified away by investing in both SIDETRADE and Bet At 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 SIDETRADE and Bet At into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SIDETRADE EO 1 and bet at home AG, you can compare the effects of market volatilities on SIDETRADE and Bet At 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 SIDETRADE with a short position of Bet At. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIDETRADE and Bet At.
Diversification Opportunities for SIDETRADE and Bet At
Excellent diversification
The 3 months correlation between SIDETRADE and Bet is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding SIDETRADE EO 1 and bet at home AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bet at home and SIDETRADE 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 SIDETRADE EO 1 are associated (or correlated) with Bet At. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of bet at home has no effect on the direction of SIDETRADE i.e., SIDETRADE and Bet At go up and down completely randomly.
Pair Corralation between SIDETRADE and Bet At
Assuming the 90 days horizon SIDETRADE EO 1 is expected to generate 0.7 times more return on investment than Bet At. However, SIDETRADE EO 1 is 1.43 times less risky than Bet At. It trades about 0.05 of its potential returns per unit of risk. bet at home AG is currently generating about -0.06 per unit of risk. If you would invest 15,250 in SIDETRADE EO 1 on September 3, 2024 and sell it today you would earn a total of 6,850 from holding SIDETRADE EO 1 or generate 44.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SIDETRADE EO 1 vs. bet at home AG
Performance |
| Timeline |
| SIDETRADE EO 1 |
| bet at home |
SIDETRADE and Bet At Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIDETRADE and Bet At
The main advantage of trading using opposite SIDETRADE and Bet At positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIDETRADE position performs unexpectedly, Bet At 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 Bet At will offset losses from the drop in Bet At's long position.| SIDETRADE vs. PSI Software AG | SIDETRADE vs. Consolidated Communications Holdings | SIDETRADE vs. BW OFFSHORE LTD | SIDETRADE vs. Citic Telecom International |
| Bet At vs. UNIVMUSIC GRPADR050 | Bet At vs. MCEWEN MINING INC | Bet At vs. Performance Food Group | Bet At vs. HF FOODS GRP |
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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