Correlation Between Hugo Boss and Companhia Energtica
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By analyzing existing cross correlation between Hugo Boss AG and Companhia Energtica de, you can compare the effects of market volatilities on Hugo Boss and Companhia Energtica 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 Hugo Boss with a short position of Companhia Energtica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and Companhia Energtica.
Diversification Opportunities for Hugo Boss and Companhia Energtica
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Hugo and Companhia is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG and Companhia Energtica de in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Companhia Energtica and Hugo Boss 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 Hugo Boss AG are associated (or correlated) with Companhia Energtica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Companhia Energtica has no effect on the direction of Hugo Boss i.e., Hugo Boss and Companhia Energtica go up and down completely randomly.
Pair Corralation between Hugo Boss and Companhia Energtica
Assuming the 90 days trading horizon Hugo Boss AG is expected to generate 6.58 times more return on investment than Companhia Energtica. However, Hugo Boss is 6.58 times more volatile than Companhia Energtica de. It trades about 0.07 of its potential returns per unit of risk. Companhia Energtica de is currently generating about 0.04 per unit of risk. If you would invest 3,902 in Hugo Boss AG on September 13, 2024 and sell it today you would earn a total of 180.00 from holding Hugo Boss AG or generate 4.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hugo Boss AG vs. Companhia Energtica de
Performance |
| Timeline |
| Hugo Boss AG |
| Companhia Energtica |
Hugo Boss and Companhia Energtica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hugo Boss and Companhia Energtica
The main advantage of trading using opposite Hugo Boss and Companhia Energtica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss position performs unexpectedly, Companhia Energtica 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 Companhia Energtica will offset losses from the drop in Companhia Energtica's long position.| Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
| Companhia Energtica vs. SBA Communications Corp | Companhia Energtica vs. Chuangs China Investments | Companhia Energtica vs. WisdomTree Investments | Companhia Energtica vs. Apollo Investment Corp |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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