Correlation Between Agroton Public and TEN SQUARE
Can any of the company-specific risk be diversified away by investing in both Agroton Public and TEN SQUARE 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 Agroton Public and TEN SQUARE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agroton Public and TEN SQUARE GAMES, you can compare the effects of market volatilities on Agroton Public and TEN SQUARE 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 Agroton Public with a short position of TEN SQUARE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agroton Public and TEN SQUARE.
Diversification Opportunities for Agroton Public and TEN SQUARE
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Agroton and TEN is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Agroton Public and TEN SQUARE GAMES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TEN SQUARE GAMES and Agroton Public 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 Agroton Public are associated (or correlated) with TEN SQUARE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TEN SQUARE GAMES has no effect on the direction of Agroton Public i.e., Agroton Public and TEN SQUARE go up and down completely randomly.
Pair Corralation between Agroton Public and TEN SQUARE
Assuming the 90 days trading horizon Agroton Public is expected to generate 1.4 times more return on investment than TEN SQUARE. However, Agroton Public is 1.4 times more volatile than TEN SQUARE GAMES. It trades about 0.09 of its potential returns per unit of risk. TEN SQUARE GAMES is currently generating about -0.12 per unit of risk. If you would invest 366.00 in Agroton Public on September 13, 2024 and sell it today you would earn a total of 23.00 from holding Agroton Public or generate 6.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Agroton Public vs. TEN SQUARE GAMES
Performance |
| Timeline |
| Agroton Public |
| TEN SQUARE GAMES |
Agroton Public and TEN SQUARE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agroton Public and TEN SQUARE
The main advantage of trading using opposite Agroton Public and TEN SQUARE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agroton Public position performs unexpectedly, TEN SQUARE 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 TEN SQUARE will offset losses from the drop in TEN SQUARE's long position.| Agroton Public vs. TEN SQUARE GAMES | Agroton Public vs. Enter Air SA | Agroton Public vs. Carlson Investments SA | Agroton Public vs. MCI Management SA |
| TEN SQUARE vs. CD PROJEKT SA | TEN SQUARE vs. PLAYWAY SA | TEN SQUARE vs. CI Games SA | TEN SQUARE vs. Movie Games SA |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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