Correlation Between Athanase Innovation and Cint Group
Can any of the company-specific risk be diversified away by investing in both Athanase Innovation and Cint Group 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 Athanase Innovation and Cint Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Athanase Innovation AB and Cint Group AB, you can compare the effects of market volatilities on Athanase Innovation and Cint Group 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 Athanase Innovation with a short position of Cint Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Athanase Innovation and Cint Group.
Diversification Opportunities for Athanase Innovation and Cint Group
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Athanase and Cint is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Athanase Innovation AB and Cint Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cint Group AB and Athanase Innovation 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 Athanase Innovation AB are associated (or correlated) with Cint Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cint Group AB has no effect on the direction of Athanase Innovation i.e., Athanase Innovation and Cint Group go up and down completely randomly.
Pair Corralation between Athanase Innovation and Cint Group
Assuming the 90 days trading horizon Athanase Innovation AB is expected to under-perform the Cint Group. But the stock apears to be less risky and, when comparing its historical volatility, Athanase Innovation AB is 1.16 times less risky than Cint Group. The stock trades about -0.25 of its potential returns per unit of risk. The Cint Group AB is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,250 in Cint Group AB on September 12, 2024 and sell it today you would earn a total of 206.00 from holding Cint Group AB or generate 16.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Athanase Innovation AB vs. Cint Group AB
Performance |
| Timeline |
| Athanase Innovation |
| Cint Group AB |
Athanase Innovation and Cint Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Athanase Innovation and Cint Group
The main advantage of trading using opposite Athanase Innovation and Cint Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Athanase Innovation position performs unexpectedly, Cint Group 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 Cint Group will offset losses from the drop in Cint Group's long position.| Athanase Innovation vs. AstraZeneca PLC | Athanase Innovation vs. Investor AB ser | Athanase Innovation vs. Investor AB ser | Athanase Innovation vs. Atlas Copco AB |
| Cint Group vs. Spectrumone publ AB | Cint Group vs. Media and Games | Cint Group vs. Enersize Oy | Cint Group vs. Cantargia 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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