Correlation Between Dino Polska and GreenX Metals
Can any of the company-specific risk be diversified away by investing in both Dino Polska and GreenX Metals 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 Dino Polska and GreenX Metals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dino Polska SA and GreenX Metals, you can compare the effects of market volatilities on Dino Polska and GreenX Metals 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 Dino Polska with a short position of GreenX Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dino Polska and GreenX Metals.
Diversification Opportunities for Dino Polska and GreenX Metals
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Dino and GreenX is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Dino Polska SA and GreenX Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenX Metals and Dino Polska 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 Dino Polska SA are associated (or correlated) with GreenX Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenX Metals has no effect on the direction of Dino Polska i.e., Dino Polska and GreenX Metals go up and down completely randomly.
Pair Corralation between Dino Polska and GreenX Metals
Assuming the 90 days trading horizon Dino Polska SA is expected to generate 0.63 times more return on investment than GreenX Metals. However, Dino Polska SA is 1.59 times less risky than GreenX Metals. It trades about 0.15 of its potential returns per unit of risk. GreenX Metals is currently generating about 0.04 per unit of risk. If you would invest 31,670 in Dino Polska SA on November 2, 2024 and sell it today you would earn a total of 12,930 from holding Dino Polska SA or generate 40.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dino Polska SA vs. GreenX Metals
Performance |
| Timeline |
| Dino Polska SA |
| GreenX Metals |
Dino Polska and GreenX Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dino Polska and GreenX Metals
The main advantage of trading using opposite Dino Polska and GreenX Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dino Polska position performs unexpectedly, GreenX Metals 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 GreenX Metals will offset losses from the drop in GreenX Metals' long position.| Dino Polska vs. Pyramid Games SA | Dino Polska vs. Echo Investment SA | Dino Polska vs. Enter Air SA | Dino Polska vs. Investment Friends Capital |
| GreenX Metals vs. Jastrzebska Spotka Weglowa | GreenX Metals vs. Asseco Business Solutions | GreenX Metals vs. Asseco South Eastern | GreenX Metals vs. CFI Holding 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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