Correlation Between Baked Games and Centrum Finansowe
Can any of the company-specific risk be diversified away by investing in both Baked Games and Centrum Finansowe 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 Baked Games and Centrum Finansowe into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baked Games SA and Centrum Finansowe Banku, you can compare the effects of market volatilities on Baked Games and Centrum Finansowe 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 Baked Games with a short position of Centrum Finansowe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baked Games and Centrum Finansowe.
Diversification Opportunities for Baked Games and Centrum Finansowe
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Baked and Centrum is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Baked Games SA and Centrum Finansowe Banku in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Centrum Finansowe Banku and Baked Games 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 Baked Games SA are associated (or correlated) with Centrum Finansowe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Centrum Finansowe Banku has no effect on the direction of Baked Games i.e., Baked Games and Centrum Finansowe go up and down completely randomly.
Pair Corralation between Baked Games and Centrum Finansowe
Assuming the 90 days trading horizon Baked Games SA is expected to under-perform the Centrum Finansowe. In addition to that, Baked Games is 2.3 times more volatile than Centrum Finansowe Banku. It trades about -0.04 of its total potential returns per unit of risk. Centrum Finansowe Banku is currently generating about 0.02 per unit of volatility. If you would invest 505.00 in Centrum Finansowe Banku on November 28, 2024 and sell it today you would earn a total of 15.00 from holding Centrum Finansowe Banku or generate 2.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Baked Games SA vs. Centrum Finansowe Banku
Performance |
| Timeline |
| Baked Games SA |
| Centrum Finansowe Banku |
Baked Games and Centrum Finansowe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baked Games and Centrum Finansowe
The main advantage of trading using opposite Baked Games and Centrum Finansowe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baked Games position performs unexpectedly, Centrum Finansowe 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 Centrum Finansowe will offset losses from the drop in Centrum Finansowe's long position.| Baked Games vs. Varsav Game Studios | Baked Games vs. Marie Brizard Wine | Baked Games vs. Monnari Trade SA | Baked Games vs. GreenX Metals |
| Centrum Finansowe vs. Skyline Investment SA | Centrum Finansowe vs. Quantum Software SA | Centrum Finansowe vs. X Trade Brokers | Centrum Finansowe vs. Investment Friends Capital |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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