Correlation Between Immobile and Dino Polska
Can any of the company-specific risk be diversified away by investing in both Immobile and Dino Polska 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 Immobile and Dino Polska into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immobile and Dino Polska SA, you can compare the effects of market volatilities on Immobile and Dino Polska 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 Immobile with a short position of Dino Polska. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immobile and Dino Polska.
Diversification Opportunities for Immobile and Dino Polska
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Immobile and Dino is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Immobile and Dino Polska SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dino Polska SA and Immobile 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 Immobile are associated (or correlated) with Dino Polska. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dino Polska SA has no effect on the direction of Immobile i.e., Immobile and Dino Polska go up and down completely randomly.
Pair Corralation between Immobile and Dino Polska
Assuming the 90 days trading horizon Immobile is expected to under-perform the Dino Polska. But the stock apears to be less risky and, when comparing its historical volatility, Immobile is 1.14 times less risky than Dino Polska. The stock trades about -0.05 of its potential returns per unit of risk. The Dino Polska SA is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 32,230 in Dino Polska SA on October 25, 2024 and sell it today you would earn a total of 12,870 from holding Dino Polska SA or generate 39.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Immobile vs. Dino Polska SA
Performance |
| Timeline |
| Immobile |
| Dino Polska SA |
Immobile and Dino Polska Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immobile and Dino Polska
The main advantage of trading using opposite Immobile and Dino Polska positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immobile position performs unexpectedly, Dino Polska 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 Dino Polska will offset losses from the drop in Dino Polska's long position.| Immobile vs. mBank SA | Immobile vs. GreenX Metals | Immobile vs. Echo Investment SA | Immobile vs. ING Bank lski |
| Dino Polska vs. M Food SA | Dino Polska vs. Pyramid Games SA | Dino Polska vs. GreenX Metals | Dino Polska vs. Play2Chill 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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