Correlation Between Integral and Playtika Holding
Can any of the company-specific risk be diversified away by investing in both Integral and Playtika Holding 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 Integral and Playtika Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integral Ad Science and Playtika Holding Corp, you can compare the effects of market volatilities on Integral and Playtika Holding 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 Integral with a short position of Playtika Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integral and Playtika Holding.
Diversification Opportunities for Integral and Playtika Holding
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Integral and Playtika is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Integral Ad Science and Playtika Holding Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Playtika Holding Corp and Integral 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 Integral Ad Science are associated (or correlated) with Playtika Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Playtika Holding Corp has no effect on the direction of Integral i.e., Integral and Playtika Holding go up and down completely randomly.
Pair Corralation between Integral and Playtika Holding
Considering the 90-day investment horizon Integral Ad Science is expected to under-perform the Playtika Holding. In addition to that, Integral is 1.5 times more volatile than Playtika Holding Corp. It trades about -0.02 of its total potential returns per unit of risk. Playtika Holding Corp is currently generating about 0.0 per unit of volatility. If you would invest 977.00 in Playtika Holding Corp on August 27, 2024 and sell it today you would lose (124.00) from holding Playtika Holding Corp or give up 12.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integral Ad Science vs. Playtika Holding Corp
Performance |
| Timeline |
| Integral Ad Science |
| Playtika Holding Corp |
Integral and Playtika Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integral and Playtika Holding
The main advantage of trading using opposite Integral and Playtika Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integral position performs unexpectedly, Playtika Holding 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 Playtika Holding will offset losses from the drop in Playtika Holding's long position.| Integral vs. Mirriad Advertising plc | Integral vs. INEO Tech Corp | Integral vs. Innovid Corp | Integral vs. Townsquare Media |
| Playtika Holding vs. AEye Inc | Playtika Holding vs. Arqit Quantum Warrants | Playtika Holding vs. Xos Equity Warrants |
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 CEOs Directory module to screen CEOs from public companies around the world.
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