Correlation Between Creativeforge Games and Bank Polska
Can any of the company-specific risk be diversified away by investing in both Creativeforge Games and Bank Polska 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 Creativeforge Games and Bank Polska into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Creativeforge Games SA and Bank Polska Kasa, you can compare the effects of market volatilities on Creativeforge Games and Bank Polska 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 Creativeforge Games with a short position of Bank Polska. Check out your portfolio center. Please also check ongoing floating volatility patterns of Creativeforge Games and Bank Polska.
Diversification Opportunities for Creativeforge Games and Bank Polska
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Creativeforge and Bank is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Creativeforge Games SA and Bank Polska Kasa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank Polska Kasa and Creativeforge 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 Creativeforge Games SA are associated (or correlated) with Bank Polska. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank Polska Kasa has no effect on the direction of Creativeforge Games i.e., Creativeforge Games and Bank Polska go up and down completely randomly.
Pair Corralation between Creativeforge Games and Bank Polska
Assuming the 90 days trading horizon Creativeforge Games SA is expected to under-perform the Bank Polska. In addition to that, Creativeforge Games is 1.85 times more volatile than Bank Polska Kasa. It trades about -0.07 of its total potential returns per unit of risk. Bank Polska Kasa is currently generating about 0.11 per unit of volatility. If you would invest 6,742 in Bank Polska Kasa on December 7, 2024 and sell it today you would earn a total of 10,683 from holding Bank Polska Kasa or generate 158.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Creativeforge Games SA vs. Bank Polska Kasa
Performance |
| Timeline |
| Creativeforge Games |
| Bank Polska Kasa |
Creativeforge Games and Bank Polska Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Creativeforge Games and Bank Polska
The main advantage of trading using opposite Creativeforge Games and Bank Polska positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Creativeforge Games position performs unexpectedly, Bank Polska 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 Bank Polska will offset losses from the drop in Bank Polska's long position.| Creativeforge Games vs. GreenX Metals | ||
| Creativeforge Games vs. Centrum Finansowe Banku | ||
| Creativeforge Games vs. Investment Friends Capital | ||
| Creativeforge Games vs. Enter Air SA |
| Bank Polska vs. Gaming Factory SA | ||
| Bank Polska vs. MW Trade SA | ||
| Bank Polska vs. Monnari Trade SA | ||
| Bank Polska vs. Cloud Technologies 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Global Correlations Find global opportunities by holding instruments from different markets |