Correlation Between Jastrzebska Spotka and New Tech
Can any of the company-specific risk be diversified away by investing in both Jastrzebska Spotka and New Tech 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 Jastrzebska Spotka and New Tech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jastrzebska Spotka Weglowa and New Tech Capital, you can compare the effects of market volatilities on Jastrzebska Spotka and New Tech 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 Jastrzebska Spotka with a short position of New Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jastrzebska Spotka and New Tech.
Diversification Opportunities for Jastrzebska Spotka and New Tech
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jastrzebska and New is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Jastrzebska Spotka Weglowa and New Tech Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New Tech Capital and Jastrzebska Spotka 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 Jastrzebska Spotka Weglowa are associated (or correlated) with New Tech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New Tech Capital has no effect on the direction of Jastrzebska Spotka i.e., Jastrzebska Spotka and New Tech go up and down completely randomly.
Pair Corralation between Jastrzebska Spotka and New Tech
Assuming the 90 days trading horizon Jastrzebska Spotka Weglowa is expected to generate 0.96 times more return on investment than New Tech. However, Jastrzebska Spotka Weglowa is 1.05 times less risky than New Tech. It trades about -0.11 of its potential returns per unit of risk. New Tech Capital is currently generating about -0.3 per unit of risk. If you would invest 2,759 in Jastrzebska Spotka Weglowa on August 29, 2024 and sell it today you would lose (148.00) from holding Jastrzebska Spotka Weglowa or give up 5.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jastrzebska Spotka Weglowa vs. New Tech Capital
Performance |
| Timeline |
| Jastrzebska Spotka |
| New Tech Capital |
Jastrzebska Spotka and New Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jastrzebska Spotka and New Tech
The main advantage of trading using opposite Jastrzebska Spotka and New Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jastrzebska Spotka position performs unexpectedly, New Tech 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 New Tech will offset losses from the drop in New Tech's long position.| Jastrzebska Spotka vs. GreenX Metals | Jastrzebska Spotka vs. Asseco Business Solutions | Jastrzebska Spotka vs. Detalion Games SA | Jastrzebska Spotka vs. CFI Holding SA |
| New Tech vs. Movie Games SA | New Tech vs. Marie Brizard Wine | New Tech vs. Igoria Trade SA | New Tech vs. Mlk Foods Public |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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