Correlation Between GreenX Metals and Komputronik
Can any of the company-specific risk be diversified away by investing in both GreenX Metals and Komputronik 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 GreenX Metals and Komputronik into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GreenX Metals and Komputronik SA, you can compare the effects of market volatilities on GreenX Metals and Komputronik 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 GreenX Metals with a short position of Komputronik. Check out your portfolio center. Please also check ongoing floating volatility patterns of GreenX Metals and Komputronik.
Diversification Opportunities for GreenX Metals and Komputronik
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GreenX and Komputronik is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding GreenX Metals and Komputronik SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Komputronik SA and GreenX Metals 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 GreenX Metals are associated (or correlated) with Komputronik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Komputronik SA has no effect on the direction of GreenX Metals i.e., GreenX Metals and Komputronik go up and down completely randomly.
Pair Corralation between GreenX Metals and Komputronik
Assuming the 90 days trading horizon GreenX Metals is expected to generate 1.13 times more return on investment than Komputronik. However, GreenX Metals is 1.13 times more volatile than Komputronik SA. It trades about 0.02 of its potential returns per unit of risk. Komputronik SA is currently generating about 0.02 per unit of risk. If you would invest 177.00 in GreenX Metals on September 13, 2024 and sell it today you would lose (3.00) from holding GreenX Metals or give up 1.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GreenX Metals vs. Komputronik SA
Performance |
| Timeline |
| GreenX Metals |
| Komputronik SA |
GreenX Metals and Komputronik Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GreenX Metals and Komputronik
The main advantage of trading using opposite GreenX Metals and Komputronik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GreenX Metals position performs unexpectedly, Komputronik 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 Komputronik will offset losses from the drop in Komputronik's long position.| GreenX Metals vs. Jastrzebska Spotka Weglowa | GreenX Metals vs. Asseco Business Solutions | GreenX Metals vs. Detalion Games SA | GreenX Metals vs. Asseco South Eastern |
| Komputronik vs. PLAYWAY SA | Komputronik vs. SOFTWARE MANSION SPOLKA | Komputronik vs. GreenX Metals | Komputronik vs. Saule Technologies 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |