Correlation Between Global E and Delivery Hero
Can any of the company-specific risk be diversified away by investing in both Global E and Delivery Hero 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 Global E and Delivery Hero into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global E Online and Delivery Hero SE, you can compare the effects of market volatilities on Global E and Delivery Hero 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 Global E with a short position of Delivery Hero. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global E and Delivery Hero.
Diversification Opportunities for Global E and Delivery Hero
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Global and Delivery is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global E Online and Delivery Hero SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delivery Hero SE and Global E 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 Global E Online are associated (or correlated) with Delivery Hero. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delivery Hero SE has no effect on the direction of Global E i.e., Global E and Delivery Hero go up and down completely randomly.
Pair Corralation between Global E and Delivery Hero
If you would invest 0.00 in Delivery Hero SE on January 13, 2025 and sell it today you would earn a total of 0.00 from holding Delivery Hero SE or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Global E Online vs. Delivery Hero SE
Performance |
| Timeline |
| Global E Online |
| Delivery Hero SE |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Global E and Delivery Hero Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global E and Delivery Hero
The main advantage of trading using opposite Global E and Delivery Hero positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global E position performs unexpectedly, Delivery Hero 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 Delivery Hero will offset losses from the drop in Delivery Hero's long position.| Global E vs. MercadoLibre | Global E vs. PDD Holdings | Global E vs. JD Inc Adr | Global E vs. Alibaba Group Holding |
| Delivery Hero vs. ZALANDO SE ADR | Delivery Hero vs. Cellnex Telecom SA | Delivery Hero vs. Jd Com Inc | Delivery Hero vs. Galaxy Entertainment Group |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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