Correlation Between CFI Holding and Ice Code
Can any of the company-specific risk be diversified away by investing in both CFI Holding and Ice Code 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 CFI Holding and Ice Code into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CFI Holding SA and Ice Code Games, you can compare the effects of market volatilities on CFI Holding and Ice Code 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 CFI Holding with a short position of Ice Code. Check out your portfolio center. Please also check ongoing floating volatility patterns of CFI Holding and Ice Code.
Diversification Opportunities for CFI Holding and Ice Code
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CFI and Ice is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding CFI Holding SA and Ice Code Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ice Code Games and CFI Holding 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 CFI Holding SA are associated (or correlated) with Ice Code. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ice Code Games has no effect on the direction of CFI Holding i.e., CFI Holding and Ice Code go up and down completely randomly.
Pair Corralation between CFI Holding and Ice Code
Assuming the 90 days trading horizon CFI Holding SA is expected to under-perform the Ice Code. But the stock apears to be less risky and, when comparing its historical volatility, CFI Holding SA is 2.14 times less risky than Ice Code. The stock trades about -0.11 of its potential returns per unit of risk. The Ice Code Games is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 19.00 in Ice Code Games on November 28, 2024 and sell it today you would lose (1.00) from holding Ice Code Games or give up 5.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 72.73% |
| Values | Daily Returns |
CFI Holding SA vs. Ice Code Games
Performance |
| Timeline |
| CFI Holding SA |
| Ice Code Games |
CFI Holding and Ice Code Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CFI Holding and Ice Code
The main advantage of trading using opposite CFI Holding and Ice Code positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CFI Holding position performs unexpectedly, Ice Code 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 Ice Code will offset losses from the drop in Ice Code's long position.| CFI Holding vs. Mercator Medical SA | CFI Holding vs. Echo Investment SA | CFI Holding vs. Fintech SA | CFI Holding vs. BNP Paribas Bank |
| Ice Code vs. Creativeforge Games SA | Ice Code vs. Investment Friends Capital | Ice Code vs. Immobile | Ice Code vs. Gaming Factory 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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