Correlation Between Intrum Justitia and Millicom International
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By analyzing existing cross correlation between Intrum Justitia AB and Millicom International Cellular, you can compare the effects of market volatilities on Intrum Justitia and Millicom International 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 Intrum Justitia with a short position of Millicom International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intrum Justitia and Millicom International.
Diversification Opportunities for Intrum Justitia and Millicom International
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Intrum and Millicom is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Intrum Justitia AB and Millicom International Cellula in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Millicom International and Intrum Justitia 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 Intrum Justitia AB are associated (or correlated) with Millicom International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Millicom International has no effect on the direction of Intrum Justitia i.e., Intrum Justitia and Millicom International go up and down completely randomly.
Pair Corralation between Intrum Justitia and Millicom International
Assuming the 90 days trading horizon Intrum Justitia AB is expected to under-perform the Millicom International. In addition to that, Intrum Justitia is 2.72 times more volatile than Millicom International Cellular. It trades about -0.02 of its total potential returns per unit of risk. Millicom International Cellular is currently generating about 0.06 per unit of volatility. If you would invest 26,840 in Millicom International Cellular on November 3, 2024 and sell it today you would earn a total of 2,820 from holding Millicom International Cellular or generate 10.51% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Intrum Justitia AB vs. Millicom International Cellula
Performance |
Timeline |
Intrum Justitia AB |
Millicom International |
Intrum Justitia and Millicom International Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Intrum Justitia and Millicom International
The main advantage of trading using opposite Intrum Justitia and Millicom International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intrum Justitia position performs unexpectedly, Millicom International 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 Millicom International will offset losses from the drop in Millicom International's long position.Intrum Justitia vs. Tele2 AB | Intrum Justitia vs. Castellum AB | Intrum Justitia vs. Telia Company AB | Intrum Justitia vs. Svenska Handelsbanken AB |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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