Correlation Between BHG Group and Viaplay Group
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By analyzing existing cross correlation between BHG Group AB and Viaplay Group AB, you can compare the effects of market volatilities on BHG Group and Viaplay 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 BHG Group with a short position of Viaplay Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of BHG Group and Viaplay Group.
Diversification Opportunities for BHG Group and Viaplay Group
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BHG and Viaplay is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding BHG Group AB and Viaplay Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viaplay Group AB and BHG 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 BHG Group AB are associated (or correlated) with Viaplay Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viaplay Group AB has no effect on the direction of BHG Group i.e., BHG Group and Viaplay Group go up and down completely randomly.
Pair Corralation between BHG Group and Viaplay Group
Assuming the 90 days trading horizon BHG Group AB is expected to generate 0.7 times more return on investment than Viaplay Group. However, BHG Group AB is 1.43 times less risky than Viaplay Group. It trades about 0.09 of its potential returns per unit of risk. Viaplay Group AB is currently generating about -0.22 per unit of risk. If you would invest 1,785 in BHG Group AB on September 1, 2024 and sell it today you would earn a total of 84.00 from holding BHG Group AB or generate 4.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BHG Group AB vs. Viaplay Group AB
Performance |
| Timeline |
| BHG Group AB |
| Viaplay Group AB |
BHG Group and Viaplay Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BHG Group and Viaplay Group
The main advantage of trading using opposite BHG Group and Viaplay Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BHG Group position performs unexpectedly, Viaplay 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 Viaplay Group will offset losses from the drop in Viaplay Group's long position.| BHG Group vs. Sinch AB | BHG Group vs. Byggmax Group AB | BHG Group vs. Stillfront Group AB | BHG Group vs. Boozt AB |
| Viaplay Group vs. KABE Group AB | Viaplay Group vs. IAR Systems Group | Viaplay Group vs. Mekonomen AB | Viaplay Group vs. Embellence 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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