Correlation Between Intersport Polska and Pixel Crow
Can any of the company-specific risk be diversified away by investing in both Intersport Polska and Pixel Crow 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 Intersport Polska and Pixel Crow into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intersport Polska SA and Pixel Crow Games, you can compare the effects of market volatilities on Intersport Polska and Pixel Crow 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 Intersport Polska with a short position of Pixel Crow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intersport Polska and Pixel Crow.
Diversification Opportunities for Intersport Polska and Pixel Crow
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Intersport and Pixel is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Intersport Polska SA and Pixel Crow Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pixel Crow Games and Intersport Polska 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 Intersport Polska SA are associated (or correlated) with Pixel Crow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pixel Crow Games has no effect on the direction of Intersport Polska i.e., Intersport Polska and Pixel Crow go up and down completely randomly.
Pair Corralation between Intersport Polska and Pixel Crow
Assuming the 90 days trading horizon Intersport Polska SA is expected to generate 0.55 times more return on investment than Pixel Crow. However, Intersport Polska SA is 1.81 times less risky than Pixel Crow. It trades about 0.24 of its potential returns per unit of risk. Pixel Crow Games is currently generating about -0.1 per unit of risk. If you would invest 63.00 in Intersport Polska SA on August 24, 2024 and sell it today you would earn a total of 11.00 from holding Intersport Polska SA or generate 17.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 57.14% |
| Values | Daily Returns |
Intersport Polska SA vs. Pixel Crow Games
Performance |
| Timeline |
| Intersport Polska |
| Pixel Crow Games |
Intersport Polska and Pixel Crow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intersport Polska and Pixel Crow
The main advantage of trading using opposite Intersport Polska and Pixel Crow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intersport Polska position performs unexpectedly, Pixel Crow 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 Pixel Crow will offset losses from the drop in Pixel Crow's long position.| Intersport Polska vs. Asseco Business Solutions | Intersport Polska vs. Detalion Games SA | Intersport Polska vs. Asseco South Eastern | Intersport Polska vs. Movie Games SA |
| Pixel Crow vs. Intersport Polska SA | Pixel Crow vs. Ice Code Games | Pixel Crow vs. mBank SA | Pixel Crow vs. Bank Millennium 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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