Correlation Between Kogeneracja and CI Games
Can any of the company-specific risk be diversified away by investing in both Kogeneracja and CI Games 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 Kogeneracja and CI Games into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kogeneracja SA and CI Games SA, you can compare the effects of market volatilities on Kogeneracja and CI Games 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 Kogeneracja with a short position of CI Games. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kogeneracja and CI Games.
Diversification Opportunities for Kogeneracja and CI Games
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kogeneracja and CIG is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Kogeneracja SA and CI Games SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Games SA and Kogeneracja 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 Kogeneracja SA are associated (or correlated) with CI Games. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Games SA has no effect on the direction of Kogeneracja i.e., Kogeneracja and CI Games go up and down completely randomly.
Pair Corralation between Kogeneracja and CI Games
Assuming the 90 days trading horizon Kogeneracja SA is expected to generate 0.98 times more return on investment than CI Games. However, Kogeneracja SA is 1.02 times less risky than CI Games. It trades about 0.03 of its potential returns per unit of risk. CI Games SA is currently generating about -0.05 per unit of risk. If you would invest 4,880 in Kogeneracja SA on September 12, 2024 and sell it today you would earn a total of 450.00 from holding Kogeneracja SA or generate 9.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kogeneracja SA vs. CI Games SA
Performance |
| Timeline |
| Kogeneracja SA |
| CI Games SA |
Kogeneracja and CI Games Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kogeneracja and CI Games
The main advantage of trading using opposite Kogeneracja and CI Games positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kogeneracja position performs unexpectedly, CI Games 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 CI Games will offset losses from the drop in CI Games' long position.| Kogeneracja vs. CI Games SA | Kogeneracja vs. Globe Trade Centre | Kogeneracja vs. Medicalg | Kogeneracja vs. Logintrade SA |
| CI Games vs. CD PROJEKT SA | CI Games vs. PLAYWAY SA | CI Games vs. 11 bit studios | CI Games vs. TEN SQUARE GAMES |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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