Correlation Between Easy Software and Hugo Boss
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By analyzing existing cross correlation between Easy Software AG and Hugo Boss AG, you can compare the effects of market volatilities on Easy Software and Hugo Boss 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 Easy Software with a short position of Hugo Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easy Software and Hugo Boss.
Diversification Opportunities for Easy Software and Hugo Boss
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Easy and Hugo is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Easy Software AG and Hugo Boss AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hugo Boss AG and Easy Software 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 Easy Software AG are associated (or correlated) with Hugo Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hugo Boss AG has no effect on the direction of Easy Software i.e., Easy Software and Hugo Boss go up and down completely randomly.
Pair Corralation between Easy Software and Hugo Boss
Assuming the 90 days trading horizon Easy Software AG is expected to generate 0.92 times more return on investment than Hugo Boss. However, Easy Software AG is 1.09 times less risky than Hugo Boss. It trades about 0.1 of its potential returns per unit of risk. Hugo Boss AG is currently generating about 0.04 per unit of risk. If you would invest 1,500 in Easy Software AG on October 26, 2024 and sell it today you would earn a total of 250.00 from holding Easy Software AG or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.33% |
| Values | Daily Returns |
Easy Software AG vs. Hugo Boss AG
Performance |
| Timeline |
| Easy Software AG |
| Hugo Boss AG |
Easy Software and Hugo Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easy Software and Hugo Boss
The main advantage of trading using opposite Easy Software and Hugo Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easy Software position performs unexpectedly, Hugo Boss 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 Hugo Boss will offset losses from the drop in Hugo Boss' long position.| Easy Software vs. Salesforce | Easy Software vs. Uber Technologies | Easy Software vs. PagerDuty | Easy Software vs. Rocket Internet SE |
| Hugo Boss vs. TITANIUM TRANSPORTGROUP | Hugo Boss vs. SPORT LISBOA E | Hugo Boss vs. NTG Nordic Transport | Hugo Boss vs. Gold Road Resources |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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