Correlation Between Examobile and PMPG Polskie
Can any of the company-specific risk be diversified away by investing in both Examobile and PMPG Polskie 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 Examobile and PMPG Polskie into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Examobile SA and PMPG Polskie Media, you can compare the effects of market volatilities on Examobile and PMPG Polskie 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 Examobile with a short position of PMPG Polskie. Check out your portfolio center. Please also check ongoing floating volatility patterns of Examobile and PMPG Polskie.
Diversification Opportunities for Examobile and PMPG Polskie
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Examobile and PMPG is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Examobile SA and PMPG Polskie Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PMPG Polskie Media and Examobile 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 Examobile SA are associated (or correlated) with PMPG Polskie. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PMPG Polskie Media has no effect on the direction of Examobile i.e., Examobile and PMPG Polskie go up and down completely randomly.
Pair Corralation between Examobile and PMPG Polskie
Assuming the 90 days trading horizon Examobile SA is expected to under-perform the PMPG Polskie. In addition to that, Examobile is 1.04 times more volatile than PMPG Polskie Media. It trades about -0.03 of its total potential returns per unit of risk. PMPG Polskie Media is currently generating about -0.01 per unit of volatility. If you would invest 272.00 in PMPG Polskie Media on October 13, 2024 and sell it today you would lose (96.00) from holding PMPG Polskie Media or give up 35.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.53% |
| Values | Daily Returns |
Examobile SA vs. PMPG Polskie Media
Performance |
| Timeline |
| Examobile SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| PMPG Polskie Media |
Examobile and PMPG Polskie Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Examobile and PMPG Polskie
The main advantage of trading using opposite Examobile and PMPG Polskie positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Examobile position performs unexpectedly, PMPG Polskie 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 PMPG Polskie will offset losses from the drop in PMPG Polskie's long position.| Examobile vs. Ultimate Games SA | Examobile vs. MCI Management SA | Examobile vs. Play2Chill SA | Examobile vs. PLAYWAY SA |
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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