Correlation Between Addentax Group and Prosegur Cash
Can any of the company-specific risk be diversified away by investing in both Addentax Group and Prosegur Cash 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 Addentax Group and Prosegur Cash into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Addentax Group Corp and Prosegur Cash SA, you can compare the effects of market volatilities on Addentax Group and Prosegur Cash 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 Addentax Group with a short position of Prosegur Cash. Check out your portfolio center. Please also check ongoing floating volatility patterns of Addentax Group and Prosegur Cash.
Diversification Opportunities for Addentax Group and Prosegur Cash
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Addentax and Prosegur is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Addentax Group Corp and Prosegur Cash SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prosegur Cash SA and Addentax Group 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 Addentax Group Corp are associated (or correlated) with Prosegur Cash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prosegur Cash SA has no effect on the direction of Addentax Group i.e., Addentax Group and Prosegur Cash go up and down completely randomly.
Pair Corralation between Addentax Group and Prosegur Cash
If you would invest 64.00 in Addentax Group Corp on October 26, 2024 and sell it today you would earn a total of 8.00 from holding Addentax Group Corp or generate 12.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Addentax Group Corp vs. Prosegur Cash SA
Performance |
| Timeline |
| Addentax Group Corp |
| Prosegur Cash SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Addentax Group and Prosegur Cash Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Addentax Group and Prosegur Cash
The main advantage of trading using opposite Addentax Group and Prosegur Cash positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Addentax Group position performs unexpectedly, Prosegur Cash 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 Prosegur Cash will offset losses from the drop in Prosegur Cash's long position.| Addentax Group vs. Jayud Global Logistics | Addentax Group vs. Freightos Limited Ordinary | Addentax Group vs. Radiant Logistics | Addentax Group vs. JB Hunt Transport |
| Prosegur Cash vs. Freightos Limited Ordinary | Prosegur Cash vs. Addentax Group Corp | Prosegur Cash vs. Forward Air | Prosegur Cash vs. Shengfeng Development Limited |
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 Directory module to find actively traded commodities issued by global exchanges.
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