Correlation Between Cloud Technologies and WIG 30
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cloud Technologies SA and WIG 30, you can compare the effects of market volatilities on Cloud Technologies 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 Cloud Technologies with a short position of WIG 30. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cloud Technologies and WIG 30.
Diversification Opportunities for Cloud Technologies and WIG 30
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cloud and WIG is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Cloud Technologies SA and WIG 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WIG 30 and Cloud Technologies 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 Cloud Technologies SA 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 Cloud Technologies i.e., Cloud Technologies and WIG 30 go up and down completely randomly.
Pair Corralation between Cloud Technologies and WIG 30
Assuming the 90 days trading horizon Cloud Technologies SA is expected to generate 2.62 times more return on investment than WIG 30. However, Cloud Technologies is 2.62 times more volatile than WIG 30. It trades about 0.05 of its potential returns per unit of risk. WIG 30 is currently generating about 0.05 per unit of risk. If you would invest 3,544 in Cloud Technologies SA on August 28, 2024 and sell it today you would earn a total of 3,076 from holding Cloud Technologies SA or generate 86.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cloud Technologies SA vs. WIG 30
Performance |
| Timeline |
Cloud Technologies and WIG 30 Volatility Contrast
Predicted Return Density |
| Returns |
Cloud Technologies SA
Pair trading matchups for Cloud Technologies
WIG 30
Pair trading matchups for WIG 30
Pair Trading with Cloud Technologies and WIG 30
The main advantage of trading using opposite Cloud Technologies and WIG 30 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cloud Technologies 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.| Cloud Technologies vs. Asseco Business Solutions | Cloud Technologies vs. Detalion Games SA | Cloud Technologies vs. Asseco South Eastern | Cloud Technologies vs. Movie Games SA |
| WIG 30 vs. Movie Games SA | WIG 30 vs. Medicofarma Biotech SA | WIG 30 vs. Enter Air SA | WIG 30 vs. Intersport Polska 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| 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 |