Correlation Between PARKEN Sport and ATT
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By analyzing existing cross correlation between PARKEN Sport Entertainment and ATT Inc, you can compare the effects of market volatilities on PARKEN Sport and ATT 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 PARKEN Sport with a short position of ATT. Check out your portfolio center. Please also check ongoing floating volatility patterns of PARKEN Sport and ATT.
Diversification Opportunities for PARKEN Sport and ATT
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between PARKEN and ATT is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding PARKEN Sport Entertainment and ATT Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATT Inc and PARKEN Sport 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 PARKEN Sport Entertainment are associated (or correlated) with ATT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATT Inc has no effect on the direction of PARKEN Sport i.e., PARKEN Sport and ATT go up and down completely randomly.
Pair Corralation between PARKEN Sport and ATT
Assuming the 90 days horizon PARKEN Sport is expected to generate 7.95 times less return on investment than ATT. In addition to that, PARKEN Sport is 1.05 times more volatile than ATT Inc. It trades about 0.03 of its total potential returns per unit of risk. ATT Inc is currently generating about 0.22 per unit of volatility. If you would invest 2,062 in ATT Inc on August 30, 2024 and sell it today you would earn a total of 140.00 from holding ATT Inc or generate 6.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PARKEN Sport Entertainment vs. ATT Inc
Performance |
| Timeline |
| PARKEN Sport Enterta |
| ATT Inc |
PARKEN Sport and ATT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PARKEN Sport and ATT
The main advantage of trading using opposite PARKEN Sport and ATT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PARKEN Sport position performs unexpectedly, ATT 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 ATT will offset losses from the drop in ATT's long position.| PARKEN Sport vs. Netflix | PARKEN Sport vs. Superior Plus Corp | PARKEN Sport vs. NMI Holdings | PARKEN Sport vs. SIVERS SEMICONDUCTORS AB |
| ATT vs. 24SEVENOFFICE GROUP AB | ATT vs. GOODYEAR T RUBBER | ATT vs. Eagle Materials | ATT vs. Materialise NV |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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