Correlation Between Agroliga Group and HiProMine
Can any of the company-specific risk be diversified away by investing in both Agroliga Group and HiProMine 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 Agroliga Group and HiProMine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agroliga Group PLC and HiProMine SA, you can compare the effects of market volatilities on Agroliga Group and HiProMine 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 Agroliga Group with a short position of HiProMine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agroliga Group and HiProMine.
Diversification Opportunities for Agroliga Group and HiProMine
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Agroliga and HiProMine is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Agroliga Group PLC and HiProMine SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HiProMine SA and Agroliga Group 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 Agroliga Group PLC are associated (or correlated) with HiProMine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HiProMine SA has no effect on the direction of Agroliga Group i.e., Agroliga Group and HiProMine go up and down completely randomly.
Pair Corralation between Agroliga Group and HiProMine
Assuming the 90 days trading horizon Agroliga Group PLC is expected to under-perform the HiProMine. In addition to that, Agroliga Group is 1.58 times more volatile than HiProMine SA. It trades about -0.01 of its total potential returns per unit of risk. HiProMine SA is currently generating about 0.0 per unit of volatility. If you would invest 20,400 in HiProMine SA on August 28, 2024 and sell it today you would lose (200.00) from holding HiProMine SA or give up 0.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.74% |
| Values | Daily Returns |
Agroliga Group PLC vs. HiProMine SA
Performance |
| Timeline |
| Agroliga Group PLC |
| HiProMine SA |
Agroliga Group and HiProMine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agroliga Group and HiProMine
The main advantage of trading using opposite Agroliga Group and HiProMine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agroliga Group position performs unexpectedly, HiProMine 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 HiProMine will offset losses from the drop in HiProMine's long position.| Agroliga Group vs. mBank SA | Agroliga Group vs. Noble Financials SA | Agroliga Group vs. UniCredit SpA | Agroliga Group vs. GreenX Metals |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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