Correlation Between Coreshares Index and Lesaka Technologies
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By analyzing existing cross correlation between Coreshares Index Tracker and Lesaka Technologies, you can compare the effects of market volatilities on Coreshares Index and Lesaka Technologies 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 Coreshares Index with a short position of Lesaka Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coreshares Index and Lesaka Technologies.
Diversification Opportunities for Coreshares Index and Lesaka Technologies
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Coreshares and Lesaka is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Coreshares Index Tracker and Lesaka Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lesaka Technologies and Coreshares Index 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 Coreshares Index Tracker are associated (or correlated) with Lesaka Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lesaka Technologies has no effect on the direction of Coreshares Index i.e., Coreshares Index and Lesaka Technologies go up and down completely randomly.
Pair Corralation between Coreshares Index and Lesaka Technologies
Assuming the 90 days trading horizon Coreshares Index Tracker is expected to under-perform the Lesaka Technologies. But the etf apears to be less risky and, when comparing its historical volatility, Coreshares Index Tracker is 3.81 times less risky than Lesaka Technologies. The etf trades about -0.05 of its potential returns per unit of risk. The Lesaka Technologies is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 872,200 in Lesaka Technologies on August 25, 2024 and sell it today you would earn a total of 27,900 from holding Lesaka Technologies or generate 3.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Coreshares Index Tracker vs. Lesaka Technologies
Performance |
| Timeline |
| Coreshares Index Tracker |
| Lesaka Technologies |
Coreshares Index and Lesaka Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coreshares Index and Lesaka Technologies
The main advantage of trading using opposite Coreshares Index and Lesaka Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coreshares Index position performs unexpectedly, Lesaka Technologies 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 Lesaka Technologies will offset losses from the drop in Lesaka Technologies' long position.| Coreshares Index vs. Europa Metals | Coreshares Index vs. British American Tobacco | Coreshares Index vs. Kap Industrial Holdings | Coreshares Index vs. Anglo American Platinum |
| Lesaka Technologies vs. Bytes Technology | Lesaka Technologies vs. Centaur Bci Balanced | Lesaka Technologies vs. Growthpoint Properties | Lesaka Technologies vs. Bowler Metcalf |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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