Correlation Between CEZ As and WIG 30
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By analyzing existing cross correlation between CEZ as and WIG 30, you can compare the effects of market volatilities on CEZ As and WIG 30 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 CEZ As with a short position of WIG 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of CEZ As and WIG 30.
Diversification Opportunities for CEZ As and WIG 30
Very weak diversification
The 3 months correlation between CEZ and WIG is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding CEZ as and WIG 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WIG 30 and CEZ As 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 CEZ as are associated (or correlated) with WIG 30. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WIG 30 has no effect on the direction of CEZ As i.e., CEZ As and WIG 30 go up and down completely randomly.
Pair Corralation between CEZ As and WIG 30
Assuming the 90 days trading horizon CEZ As is expected to generate 6.17 times less return on investment than WIG 30. In addition to that, CEZ As is 1.45 times more volatile than WIG 30. It trades about 0.01 of its total potential returns per unit of risk. WIG 30 is currently generating about 0.08 per unit of volatility. If you would invest 206,729 in WIG 30 on December 6, 2024 and sell it today you would earn a total of 122,060 from holding WIG 30 or generate 59.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
CEZ as vs. WIG 30
Performance |
| Timeline |
CEZ As and WIG 30 Volatility Contrast
Predicted Return Density |
| Returns |
CEZ as
Pair trading matchups for CEZ As
WIG 30
Pair trading matchups for WIG 30
Pair Trading with CEZ As and WIG 30
The main advantage of trading using opposite CEZ As and WIG 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CEZ As position performs unexpectedly, WIG 30 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 WIG 30 will offset losses from the drop in WIG 30's long position.| CEZ As vs. True Games Syndicate | CEZ As vs. CI Games SA | CEZ As vs. SOFTWARE MANSION SPOLKA | CEZ As vs. PZ Cormay SA |
| WIG 30 vs. Investment Friends Capital | WIG 30 vs. PZ Cormay SA | WIG 30 vs. SOFTWARE MANSION SPOLKA | WIG 30 vs. MW Trade SA |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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