Correlation Between Atresmedia Corporacin and Mapfre
Can any of the company-specific risk be diversified away by investing in both Atresmedia Corporacin and Mapfre 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 Atresmedia Corporacin and Mapfre into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atresmedia Corporacin de and Mapfre, you can compare the effects of market volatilities on Atresmedia Corporacin and Mapfre 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 Atresmedia Corporacin with a short position of Mapfre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atresmedia Corporacin and Mapfre.
Diversification Opportunities for Atresmedia Corporacin and Mapfre
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Atresmedia and Mapfre is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Atresmedia Corporacin de and Mapfre in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mapfre and Atresmedia Corporacin 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 Atresmedia Corporacin de are associated (or correlated) with Mapfre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mapfre has no effect on the direction of Atresmedia Corporacin i.e., Atresmedia Corporacin and Mapfre go up and down completely randomly.
Pair Corralation between Atresmedia Corporacin and Mapfre
Assuming the 90 days trading horizon Atresmedia Corporacin de is expected to under-perform the Mapfre. But the stock apears to be less risky and, when comparing its historical volatility, Atresmedia Corporacin de is 1.98 times less risky than Mapfre. The stock trades about -0.07 of its potential returns per unit of risk. The Mapfre is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 248.00 in Mapfre on November 3, 2024 and sell it today you would earn a total of 21.00 from holding Mapfre or generate 8.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Atresmedia Corporacin de vs. Mapfre
Performance |
| Timeline |
| Atresmedia Corporacin |
| Mapfre |
Atresmedia Corporacin and Mapfre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atresmedia Corporacin and Mapfre
The main advantage of trading using opposite Atresmedia Corporacin and Mapfre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atresmedia Corporacin position performs unexpectedly, Mapfre 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 Mapfre will offset losses from the drop in Mapfre's long position.| Atresmedia Corporacin vs. Mapfre | Atresmedia Corporacin vs. ENCE Energa y | Atresmedia Corporacin vs. Acerinox | Atresmedia Corporacin vs. Enags SA |
| Mapfre vs. Aedas Homes SL | Mapfre vs. Hispanotels Inversiones SOCIMI | Mapfre vs. Ebro Foods | Mapfre vs. NH Hoteles |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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