Correlation Between ATOSS SOFTWARE and Haier Smart
Can any of the company-specific risk be diversified away by investing in both ATOSS SOFTWARE and Haier Smart 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 ATOSS SOFTWARE and Haier Smart into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ATOSS SOFTWARE and Haier Smart Home, you can compare the effects of market volatilities on ATOSS SOFTWARE and Haier Smart 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 ATOSS SOFTWARE with a short position of Haier Smart. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATOSS SOFTWARE and Haier Smart.
Diversification Opportunities for ATOSS SOFTWARE and Haier Smart
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ATOSS and Haier is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding ATOSS SOFTWARE and Haier Smart Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haier Smart Home and ATOSS SOFTWARE 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 ATOSS SOFTWARE are associated (or correlated) with Haier Smart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haier Smart Home has no effect on the direction of ATOSS SOFTWARE i.e., ATOSS SOFTWARE and Haier Smart go up and down completely randomly.
Pair Corralation between ATOSS SOFTWARE and Haier Smart
Assuming the 90 days trading horizon ATOSS SOFTWARE is expected to generate 0.94 times more return on investment than Haier Smart. However, ATOSS SOFTWARE is 1.06 times less risky than Haier Smart. It trades about 0.16 of its potential returns per unit of risk. Haier Smart Home is currently generating about 0.11 per unit of risk. If you would invest 11,240 in ATOSS SOFTWARE on November 28, 2024 and sell it today you would earn a total of 500.00 from holding ATOSS SOFTWARE or generate 4.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ATOSS SOFTWARE vs. Haier Smart Home
Performance |
| Timeline |
| ATOSS SOFTWARE |
| Haier Smart Home |
ATOSS SOFTWARE and Haier Smart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ATOSS SOFTWARE and Haier Smart
The main advantage of trading using opposite ATOSS SOFTWARE and Haier Smart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATOSS SOFTWARE position performs unexpectedly, Haier Smart 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 Haier Smart will offset losses from the drop in Haier Smart's long position.| ATOSS SOFTWARE vs. Transport International Holdings | ATOSS SOFTWARE vs. AEON METALS LTD | ATOSS SOFTWARE vs. SERI INDUSTRIAL EO | ATOSS SOFTWARE vs. Thai Beverage Public |
| Haier Smart vs. Emperor Entertainment Hotel | Haier Smart vs. Lendlease Group | Haier Smart vs. MHP Hotel AG | Haier Smart vs. UNITED RENTALS |
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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