Correlation Between AFP Capital and Enjoy SA
Specify exactly 2 symbols:
By analyzing existing cross correlation between AFP Capital SA and Enjoy SA, you can compare the effects of market volatilities on AFP Capital and Enjoy SA 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 AFP Capital with a short position of Enjoy SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of AFP Capital and Enjoy SA.
Diversification Opportunities for AFP Capital and Enjoy SA
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AFP and Enjoy is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding AFP Capital SA and Enjoy SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enjoy SA and AFP Capital 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 AFP Capital SA are associated (or correlated) with Enjoy SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enjoy SA has no effect on the direction of AFP Capital i.e., AFP Capital and Enjoy SA go up and down completely randomly.
Pair Corralation between AFP Capital and Enjoy SA
Assuming the 90 days trading horizon AFP Capital SA is expected to generate 0.23 times more return on investment than Enjoy SA. However, AFP Capital SA is 4.28 times less risky than Enjoy SA. It trades about 0.2 of its potential returns per unit of risk. Enjoy SA is currently generating about -0.06 per unit of risk. If you would invest 21,059 in AFP Capital SA on August 30, 2024 and sell it today you would earn a total of 3,941 from holding AFP Capital SA or generate 18.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 21.76% |
| Values | Daily Returns |
AFP Capital SA vs. Enjoy SA
Performance |
| Timeline |
| AFP Capital SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Enjoy SA |
AFP Capital and Enjoy SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AFP Capital and Enjoy SA
The main advantage of trading using opposite AFP Capital and Enjoy SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AFP Capital position performs unexpectedly, Enjoy SA 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 Enjoy SA will offset losses from the drop in Enjoy SA's long position.| AFP Capital vs. AFP Provida | AFP Capital vs. AFP Planvital SA | AFP Capital vs. AFP Habitat | AFP Capital vs. Aguas Andinas SA |
| Enjoy SA vs. Energia Latina SA | Enjoy SA vs. Embotelladora Andina SA | Enjoy SA vs. Administradora Americana de | Enjoy SA vs. Las Condes |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |