Correlation Between Atrys Health and Lyxor UCITS
Can any of the company-specific risk be diversified away by investing in both Atrys Health and Lyxor UCITS 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 Lyxor UCITS 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 Lyxor UCITS Ibex35, you can compare the effects of market volatilities on Atrys Health and Lyxor UCITS 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 Lyxor UCITS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Atrys Health and Lyxor UCITS.
Diversification Opportunities for Atrys Health and Lyxor UCITS
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Atrys and Lyxor is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Atrys Health SL and Lyxor UCITS Ibex35 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lyxor UCITS Ibex35 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 Lyxor UCITS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lyxor UCITS Ibex35 has no effect on the direction of Atrys Health i.e., Atrys Health and Lyxor UCITS go up and down completely randomly.
Pair Corralation between Atrys Health and Lyxor UCITS
Assuming the 90 days trading horizon Atrys Health SL is expected to under-perform the Lyxor UCITS. In addition to that, Atrys Health is 1.4 times more volatile than Lyxor UCITS Ibex35. It trades about 0.0 of its total potential returns per unit of risk. Lyxor UCITS Ibex35 is currently generating about 0.5 per unit of volatility. If you would invest 12,352 in Lyxor UCITS Ibex35 on November 29, 2024 and sell it today you would earn a total of 1,264 from holding Lyxor UCITS Ibex35 or generate 10.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Atrys Health SL vs. Lyxor UCITS Ibex35
Performance |
| Timeline |
| Atrys Health SL |
| Lyxor UCITS Ibex35 |
Atrys Health and Lyxor UCITS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Atrys Health and Lyxor UCITS
The main advantage of trading using opposite Atrys Health and Lyxor UCITS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Atrys Health position performs unexpectedly, Lyxor UCITS 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 Lyxor UCITS will offset losses from the drop in Lyxor UCITS'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 |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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