Correlation Between Cinis Fertilizer and Millicom International
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cinis Fertilizer AB and Millicom International Cellular, you can compare the effects of market volatilities on Cinis Fertilizer and Millicom International 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 Cinis Fertilizer with a short position of Millicom International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinis Fertilizer and Millicom International.
Diversification Opportunities for Cinis Fertilizer and Millicom International
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cinis and Millicom is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Cinis Fertilizer AB and Millicom International Cellula in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Millicom International and Cinis Fertilizer 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 Cinis Fertilizer AB are associated (or correlated) with Millicom International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Millicom International has no effect on the direction of Cinis Fertilizer i.e., Cinis Fertilizer and Millicom International go up and down completely randomly.
Pair Corralation between Cinis Fertilizer and Millicom International
Assuming the 90 days trading horizon Cinis Fertilizer AB is expected to generate 3.16 times more return on investment than Millicom International. However, Cinis Fertilizer is 3.16 times more volatile than Millicom International Cellular. It trades about 0.01 of its potential returns per unit of risk. Millicom International Cellular is currently generating about -0.03 per unit of risk. If you would invest 1,580 in Cinis Fertilizer AB on August 28, 2024 and sell it today you would lose (28.00) from holding Cinis Fertilizer AB or give up 1.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinis Fertilizer AB vs. Millicom International Cellula
Performance |
| Timeline |
| Cinis Fertilizer |
| Millicom International |
Cinis Fertilizer and Millicom International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinis Fertilizer and Millicom International
The main advantage of trading using opposite Cinis Fertilizer and Millicom International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinis Fertilizer position performs unexpectedly, Millicom International 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 Millicom International will offset losses from the drop in Millicom International's long position.| Cinis Fertilizer vs. SaltX Technology Holding | Cinis Fertilizer vs. AcadeMedia AB | Cinis Fertilizer vs. Bio Works Technologies AB | Cinis Fertilizer vs. Filo Mining Corp |
| Millicom International vs. Lidds AB | Millicom International vs. Serstech AB | Millicom International vs. Transtema Group AB | Millicom International vs. Enorama Pharma AB |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |