Correlation Between Atok Big and Apollo Global
Can any of the company-specific risk be diversified away by investing in both Atok Big and Apollo Global 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 Atok Big and Apollo Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atok Big Wedge and Apollo Global Capital, you can compare the effects of market volatilities on Atok Big and Apollo Global 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 Atok Big with a short position of Apollo Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atok Big and Apollo Global.
Diversification Opportunities for Atok Big and Apollo Global
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Atok and Apollo is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Atok Big Wedge and Apollo Global Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Global Capital and Atok Big 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 Atok Big Wedge are associated (or correlated) with Apollo Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Global Capital has no effect on the direction of Atok Big i.e., Atok Big and Apollo Global go up and down completely randomly.
Pair Corralation between Atok Big and Apollo Global
Assuming the 90 days trading horizon Atok Big Wedge is expected to generate 1.57 times more return on investment than Apollo Global. However, Atok Big is 1.57 times more volatile than Apollo Global Capital. It trades about 0.01 of its potential returns per unit of risk. Apollo Global Capital is currently generating about -0.06 per unit of risk. If you would invest 775.00 in Atok Big Wedge on August 25, 2024 and sell it today you would lose (424.00) from holding Atok Big Wedge or give up 54.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 75.47% |
| Values | Daily Returns |
Atok Big Wedge vs. Apollo Global Capital
Performance |
| Timeline |
| Atok Big Wedge |
| Apollo Global Capital |
Atok Big and Apollo Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atok Big and Apollo Global
The main advantage of trading using opposite Atok Big and Apollo Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atok Big position performs unexpectedly, Apollo Global 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 Apollo Global will offset losses from the drop in Apollo Global's long position.| Atok Big vs. Top Frontier Investment | Atok Big vs. Semirara Mining Corp | Atok Big vs. Metropolitan Bank Trust | Atok Big vs. Transpacific Broadband Group |
| Apollo Global vs. STI Education Systems | Apollo Global vs. Alliance Select Foods | Apollo Global vs. Semirara Mining Corp | Apollo Global vs. Crown Asia Chemicals |
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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