Correlation Between AKKO Invest and ANY Security
Can any of the company-specific risk be diversified away by investing in both AKKO Invest and ANY Security 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 AKKO Invest and ANY Security into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AKKO Invest Nyrt and ANY Security Printing, you can compare the effects of market volatilities on AKKO Invest and ANY Security 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 AKKO Invest with a short position of ANY Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of AKKO Invest and ANY Security.
Diversification Opportunities for AKKO Invest and ANY Security
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between AKKO and ANY is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding AKKO Invest Nyrt and ANY Security Printing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANY Security Printing and AKKO Invest 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 AKKO Invest Nyrt are associated (or correlated) with ANY Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANY Security Printing has no effect on the direction of AKKO Invest i.e., AKKO Invest and ANY Security go up and down completely randomly.
Pair Corralation between AKKO Invest and ANY Security
Assuming the 90 days trading horizon AKKO Invest Nyrt is expected to under-perform the ANY Security. In addition to that, AKKO Invest is 1.51 times more volatile than ANY Security Printing. It trades about -0.06 of its total potential returns per unit of risk. ANY Security Printing is currently generating about 0.68 per unit of volatility. If you would invest 413,000 in ANY Security Printing on October 21, 2024 and sell it today you would earn a total of 41,000 from holding ANY Security Printing or generate 9.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AKKO Invest Nyrt vs. ANY Security Printing
Performance |
| Timeline |
| AKKO Invest Nyrt |
| ANY Security Printing |
AKKO Invest and ANY Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AKKO Invest and ANY Security
The main advantage of trading using opposite AKKO Invest and ANY Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AKKO Invest position performs unexpectedly, ANY Security 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 ANY Security will offset losses from the drop in ANY Security's long position.| AKKO Invest vs. Deutsche Bank AG | AKKO Invest vs. NordTelekom Telecommunications Service | AKKO Invest vs. OTP Bank Nyrt |
| ANY Security vs. ALTEO Energiaszolgaltato Nyrt | ANY Security vs. AKKO Invest Nyrt | ANY Security vs. Appeninn Nyrt |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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