Correlation Between Atrys Health and Catenon SA
Can any of the company-specific risk be diversified away by investing in both Atrys Health and Catenon SA 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 Atrys Health and Catenon SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Atrys Health SL and Catenon SA, you can compare the effects of market volatilities on Atrys Health and Catenon SA 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 Atrys Health with a short position of Catenon SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atrys Health and Catenon SA.
Diversification Opportunities for Atrys Health and Catenon SA
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Atrys and Catenon is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Atrys Health SL and Catenon SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Catenon SA and Atrys Health 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 Atrys Health SL are associated (or correlated) with Catenon SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Catenon SA has no effect on the direction of Atrys Health i.e., Atrys Health and Catenon SA go up and down completely randomly.
Pair Corralation between Atrys Health and Catenon SA
Assuming the 90 days trading horizon Atrys Health SL is expected to generate 0.94 times more return on investment than Catenon SA. However, Atrys Health SL is 1.07 times less risky than Catenon SA. It trades about 0.16 of its potential returns per unit of risk. Catenon SA is currently generating about -0.19 per unit of risk. If you would invest 309.00 in Atrys Health SL on November 3, 2024 and sell it today you would earn a total of 39.00 from holding Atrys Health SL or generate 12.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Atrys Health SL vs. Catenon SA
Performance |
| Timeline |
| Atrys Health SL |
| Catenon SA |
Atrys Health and Catenon SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atrys Health and Catenon SA
The main advantage of trading using opposite Atrys Health and Catenon SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atrys Health position performs unexpectedly, Catenon SA 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 Catenon SA will offset losses from the drop in Catenon SA's long position.| Atrys Health vs. Gigas Hosting SA | Atrys Health vs. Grenergy Renovables SA | Atrys Health vs. Agile Content SA | Atrys Health vs. Global Dominion Access |
| Catenon SA vs. Media Investment Optimization | Catenon SA vs. Ebro Foods | Catenon SA vs. Inhome Prime Properties | Catenon SA vs. Plasticos Compuestos SA |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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