Correlation Between Kogeneracja and Salesforce
Can any of the company-specific risk be diversified away by investing in both Kogeneracja and Salesforce 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 Salesforce into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kogeneracja SA and PZ Cormay SA, you can compare the effects of market volatilities on Kogeneracja and Salesforce 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 Salesforce. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kogeneracja and Salesforce.
Diversification Opportunities for Kogeneracja and Salesforce
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kogeneracja and Salesforce is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Kogeneracja SA and PZ Cormay SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PZ Cormay 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 Salesforce. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PZ Cormay SA has no effect on the direction of Kogeneracja i.e., Kogeneracja and Salesforce go up and down completely randomly.
Pair Corralation between Kogeneracja and Salesforce
Assuming the 90 days trading horizon Kogeneracja SA is expected to under-perform the Salesforce. In addition to that, Kogeneracja is 1.17 times more volatile than PZ Cormay SA. It trades about -0.29 of its total potential returns per unit of risk. PZ Cormay SA is currently generating about -0.3 per unit of volatility. If you would invest 48.00 in PZ Cormay SA on September 13, 2024 and sell it today you would lose (7.00) from holding PZ Cormay SA or give up 14.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kogeneracja SA vs. PZ Cormay SA
Performance |
| Timeline |
| Kogeneracja SA |
| PZ Cormay SA |
Kogeneracja and Salesforce Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kogeneracja and Salesforce
The main advantage of trading using opposite Kogeneracja and Salesforce positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kogeneracja position performs unexpectedly, Salesforce 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 Salesforce will offset losses from the drop in Salesforce's long position.| Kogeneracja vs. PZ Cormay SA | Kogeneracja vs. Pyramid Games SA | Kogeneracja vs. Gamedust SA | Kogeneracja vs. Gaming Factory SA |
| Salesforce vs. Immobile | Salesforce vs. Skyline Investment SA | Salesforce vs. MW Trade SA | Salesforce vs. Echo Investment 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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