Correlation Between ATRYS HEALTH and Varta AG
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By analyzing existing cross correlation between ATRYS HEALTH SA and Varta AG, you can compare the effects of market volatilities on ATRYS HEALTH and Varta AG 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 ATRYS HEALTH with a short position of Varta AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATRYS HEALTH and Varta AG.
Diversification Opportunities for ATRYS HEALTH and Varta AG
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between ATRYS and Varta is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding ATRYS HEALTH SA and Varta AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Varta AG and ATRYS HEALTH 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 ATRYS HEALTH SA are associated (or correlated) with Varta AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Varta AG has no effect on the direction of ATRYS HEALTH i.e., ATRYS HEALTH and Varta AG go up and down completely randomly.
Pair Corralation between ATRYS HEALTH and Varta AG
Assuming the 90 days horizon ATRYS HEALTH SA is expected to generate 0.46 times more return on investment than Varta AG. However, ATRYS HEALTH SA is 2.18 times less risky than Varta AG. It trades about -0.04 of its potential returns per unit of risk. Varta AG is currently generating about -0.36 per unit of risk. If you would invest 295.00 in ATRYS HEALTH SA on September 15, 2024 and sell it today you would lose (7.00) from holding ATRYS HEALTH SA or give up 2.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ATRYS HEALTH SA vs. Varta AG
Performance |
| Timeline |
| ATRYS HEALTH SA |
| Varta AG |
ATRYS HEALTH and Varta AG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ATRYS HEALTH and Varta AG
The main advantage of trading using opposite ATRYS HEALTH and Varta AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATRYS HEALTH position performs unexpectedly, Varta AG 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 Varta AG will offset losses from the drop in Varta AG's long position.| ATRYS HEALTH vs. Moderna | ATRYS HEALTH vs. BioNTech SE | ATRYS HEALTH vs. Superior Plus Corp | ATRYS HEALTH vs. SIVERS SEMICONDUCTORS AB |
| Varta AG vs. ATRYS HEALTH SA | Varta AG vs. YOOMA WELLNESS INC | Varta AG vs. Host Hotels Resorts | Varta AG vs. DALATA HOTEL |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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