Correlation Between Embracer Group and Maven Wireless
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By analyzing existing cross correlation between Embracer Group AB and Maven Wireless Sweden, you can compare the effects of market volatilities on Embracer Group and Maven Wireless 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 Embracer Group with a short position of Maven Wireless. Check out your portfolio center. Please also check ongoing floating volatility patterns of Embracer Group and Maven Wireless.
Diversification Opportunities for Embracer Group and Maven Wireless
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Embracer and Maven is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Embracer Group AB and Maven Wireless Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maven Wireless Sweden and Embracer Group 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 Embracer Group AB are associated (or correlated) with Maven Wireless. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maven Wireless Sweden has no effect on the direction of Embracer Group i.e., Embracer Group and Maven Wireless go up and down completely randomly.
Pair Corralation between Embracer Group and Maven Wireless
Assuming the 90 days trading horizon Embracer Group AB is expected to generate 1.21 times more return on investment than Maven Wireless. However, Embracer Group is 1.21 times more volatile than Maven Wireless Sweden. It trades about 0.06 of its potential returns per unit of risk. Maven Wireless Sweden is currently generating about 0.02 per unit of risk. If you would invest 1,942 in Embracer Group AB on September 1, 2024 and sell it today you would earn a total of 935.00 from holding Embracer Group AB or generate 48.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.63% |
| Values | Daily Returns |
Embracer Group AB vs. Maven Wireless Sweden
Performance |
| Timeline |
| Embracer Group AB |
| Maven Wireless Sweden |
Embracer Group and Maven Wireless Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Embracer Group and Maven Wireless
The main advantage of trading using opposite Embracer Group and Maven Wireless positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Embracer Group position performs unexpectedly, Maven Wireless 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 Maven Wireless will offset losses from the drop in Maven Wireless' long position.| Embracer Group vs. Evolution AB | Embracer Group vs. Sinch AB | Embracer Group vs. Samhllsbyggnadsbolaget i Norden | Embracer Group vs. Stillfront Group AB |
| Maven Wireless vs. Checkin Group AB | Maven Wireless vs. Midsummer AB | Maven Wireless vs. Hexatronic Group AB | Maven Wireless vs. Cint Group 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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