Correlation Between Immobile and HiProMine
Can any of the company-specific risk be diversified away by investing in both Immobile and HiProMine 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 HiProMine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Immobile and HiProMine SA, you can compare the effects of market volatilities on Immobile and HiProMine 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 HiProMine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Immobile and HiProMine.
Diversification Opportunities for Immobile and HiProMine
Pay attention - limited upside
The 3 months correlation between Immobile and HiProMine is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Immobile and HiProMine SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HiProMine 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 HiProMine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HiProMine SA has no effect on the direction of Immobile i.e., Immobile and HiProMine go up and down completely randomly.
Pair Corralation between Immobile and HiProMine
Assuming the 90 days trading horizon Immobile is expected to under-perform the HiProMine. In addition to that, Immobile is 1.14 times more volatile than HiProMine SA. It trades about -0.03 of its total potential returns per unit of risk. HiProMine SA is currently generating about 0.0 per unit of volatility. If you would invest 22,300 in HiProMine SA on September 12, 2024 and sell it today you would lose (1,900) from holding HiProMine SA or give up 8.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.97% |
| Values | Daily Returns |
Immobile vs. HiProMine SA
Performance |
| Timeline |
| Immobile |
| HiProMine SA |
Immobile and HiProMine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Immobile and HiProMine
The main advantage of trading using opposite Immobile and HiProMine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Immobile position performs unexpectedly, HiProMine 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 HiProMine will offset losses from the drop in HiProMine's long position.| Immobile vs. MCI Management SA | Immobile vs. Asseco Business Solutions | Immobile vs. Detalion Games SA | Immobile vs. Asseco South Eastern |
| HiProMine vs. Movie Games SA | HiProMine vs. LSI Software SA | HiProMine vs. Biztech Konsulting SA | HiProMine vs. Immobile |
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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