Correlation Between Ayima Group and Adventure Box
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By analyzing existing cross correlation between Ayima Group AB and Adventure Box Technology, you can compare the effects of market volatilities on Ayima Group and Adventure Box 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 Ayima Group with a short position of Adventure Box. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ayima Group and Adventure Box.
Diversification Opportunities for Ayima Group and Adventure Box
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ayima and Adventure is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ayima Group AB and Adventure Box Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adventure Box Technology and Ayima 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 Ayima Group AB are associated (or correlated) with Adventure Box. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adventure Box Technology has no effect on the direction of Ayima Group i.e., Ayima Group and Adventure Box go up and down completely randomly.
Pair Corralation between Ayima Group and Adventure Box
Assuming the 90 days trading horizon Ayima Group is expected to generate 3.61 times less return on investment than Adventure Box. But when comparing it to its historical volatility, Ayima Group AB is 2.94 times less risky than Adventure Box. It trades about 0.02 of its potential returns per unit of risk. Adventure Box Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 99.00 in Adventure Box Technology on September 3, 2024 and sell it today you would lose (80.00) from holding Adventure Box Technology or give up 80.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ayima Group AB vs. Adventure Box Technology
Performance |
| Timeline |
| Ayima Group AB |
| Adventure Box Technology |
Ayima Group and Adventure Box Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ayima Group and Adventure Box
The main advantage of trading using opposite Ayima Group and Adventure Box positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ayima Group position performs unexpectedly, Adventure Box 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 Adventure Box will offset losses from the drop in Adventure Box's long position.| Ayima Group vs. Absolent Group AB | Ayima Group vs. Adventure Box Technology | Ayima Group vs. Enorama Pharma AB | Ayima Group vs. ALM Equity AB |
| Adventure Box vs. Idogen AB | Adventure Box vs. Clean Motion AB | Adventure Box vs. Arion banki hf | Adventure Box vs. KABE Group 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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