Correlation Between ANTA SPORTS and PLAYTIKA HOLDING
Can any of the company-specific risk be diversified away by investing in both ANTA SPORTS and PLAYTIKA HOLDING 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 ANTA SPORTS and PLAYTIKA HOLDING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ANTA SPORTS PRODUCT and PLAYTIKA HOLDING DL 01, you can compare the effects of market volatilities on ANTA SPORTS and PLAYTIKA HOLDING 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 ANTA SPORTS with a short position of PLAYTIKA HOLDING. Check out your portfolio center. Please also check ongoing floating volatility patterns of ANTA SPORTS and PLAYTIKA HOLDING.
Diversification Opportunities for ANTA SPORTS and PLAYTIKA HOLDING
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ANTA and PLAYTIKA is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding ANTA SPORTS PRODUCT and PLAYTIKA HOLDING DL 01 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLAYTIKA HOLDING and ANTA SPORTS 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 ANTA SPORTS PRODUCT are associated (or correlated) with PLAYTIKA HOLDING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLAYTIKA HOLDING has no effect on the direction of ANTA SPORTS i.e., ANTA SPORTS and PLAYTIKA HOLDING go up and down completely randomly.
Pair Corralation between ANTA SPORTS and PLAYTIKA HOLDING
Assuming the 90 days trading horizon ANTA SPORTS PRODUCT is expected to generate 1.08 times more return on investment than PLAYTIKA HOLDING. However, ANTA SPORTS is 1.08 times more volatile than PLAYTIKA HOLDING DL 01. It trades about 0.03 of its potential returns per unit of risk. PLAYTIKA HOLDING DL 01 is currently generating about 0.02 per unit of risk. If you would invest 780.00 in ANTA SPORTS PRODUCT on August 29, 2024 and sell it today you would earn a total of 174.00 from holding ANTA SPORTS PRODUCT or generate 22.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ANTA SPORTS PRODUCT vs. PLAYTIKA HOLDING DL 01
Performance |
| Timeline |
| ANTA SPORTS PRODUCT |
| PLAYTIKA HOLDING |
ANTA SPORTS and PLAYTIKA HOLDING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ANTA SPORTS and PLAYTIKA HOLDING
The main advantage of trading using opposite ANTA SPORTS and PLAYTIKA HOLDING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ANTA SPORTS position performs unexpectedly, PLAYTIKA HOLDING 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 PLAYTIKA HOLDING will offset losses from the drop in PLAYTIKA HOLDING's long position.| ANTA SPORTS vs. SEALED AIR | ANTA SPORTS vs. SYSTEMAIR AB | ANTA SPORTS vs. HF SINCLAIR P | ANTA SPORTS vs. Enter Air SA |
| PLAYTIKA HOLDING vs. Sea Limited | PLAYTIKA HOLDING vs. Superior Plus Corp | PLAYTIKA HOLDING vs. NMI Holdings | PLAYTIKA HOLDING vs. SIVERS SEMICONDUCTORS AB |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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