Correlation Between HiProMine and Ice Code
Can any of the company-specific risk be diversified away by investing in both HiProMine and Ice Code 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 HiProMine and Ice Code into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HiProMine SA and Ice Code Games, you can compare the effects of market volatilities on HiProMine and Ice Code 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 HiProMine with a short position of Ice Code. Check out your portfolio center. Please also check ongoing floating volatility patterns of HiProMine and Ice Code.
Diversification Opportunities for HiProMine and Ice Code
Significant diversification
The 3 months correlation between HiProMine and Ice is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding HiProMine SA and Ice Code Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ice Code Games and HiProMine 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 HiProMine SA are associated (or correlated) with Ice Code. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ice Code Games has no effect on the direction of HiProMine i.e., HiProMine and Ice Code go up and down completely randomly.
Pair Corralation between HiProMine and Ice Code
Assuming the 90 days trading horizon HiProMine SA is expected to generate 0.16 times more return on investment than Ice Code. However, HiProMine SA is 6.3 times less risky than Ice Code. It trades about -0.08 of its potential returns per unit of risk. Ice Code Games is currently generating about -0.15 per unit of risk. If you would invest 20,800 in HiProMine SA on August 29, 2024 and sell it today you would lose (600.00) from holding HiProMine SA or give up 2.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 75.0% |
| Values | Daily Returns |
HiProMine SA vs. Ice Code Games
Performance |
| Timeline |
| HiProMine SA |
| Ice Code Games |
HiProMine and Ice Code Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HiProMine and Ice Code
The main advantage of trading using opposite HiProMine and Ice Code positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HiProMine position performs unexpectedly, Ice Code 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 Ice Code will offset losses from the drop in Ice Code's long position.| HiProMine vs. Logintrade SA | HiProMine vs. 3R Games SA | HiProMine vs. Pyramid Games SA | HiProMine vs. Igoria Trade SA |
| Ice Code vs. Asseco Business Solutions | Ice Code vs. Detalion Games SA | Ice Code vs. Asseco South Eastern | Ice Code vs. Movie Games 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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |