Correlation Between Kogeneracja and X Trade
Can any of the company-specific risk be diversified away by investing in both Kogeneracja and X Trade 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 X Trade into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kogeneracja SA and X Trade Brokers, you can compare the effects of market volatilities on Kogeneracja and X Trade 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 X Trade. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kogeneracja and X Trade.
Diversification Opportunities for Kogeneracja and X Trade
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Kogeneracja and XTB is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Kogeneracja SA and X Trade Brokers in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on X Trade Brokers 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 X Trade. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of X Trade Brokers has no effect on the direction of Kogeneracja i.e., Kogeneracja and X Trade go up and down completely randomly.
Pair Corralation between Kogeneracja and X Trade
Assuming the 90 days trading horizon Kogeneracja is expected to generate 1.33 times less return on investment than X Trade. In addition to that, Kogeneracja is 1.22 times more volatile than X Trade Brokers. It trades about 0.05 of its total potential returns per unit of risk. X Trade Brokers is currently generating about 0.09 per unit of volatility. If you would invest 3,261 in X Trade Brokers on January 17, 2025 and sell it today you would earn a total of 4,559 from holding X Trade Brokers or generate 139.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kogeneracja SA vs. X Trade Brokers
Performance |
| Timeline |
| Kogeneracja SA |
| X Trade Brokers |
Kogeneracja and X Trade Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kogeneracja and X Trade
The main advantage of trading using opposite Kogeneracja and X Trade positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kogeneracja position performs unexpectedly, X Trade 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 X Trade will offset losses from the drop in X Trade's long position.| Kogeneracja vs. Datawalk SA | Kogeneracja vs. Movie Games SA | Kogeneracja vs. Tower Investments SA | Kogeneracja vs. GreenX Metals |
| X Trade vs. Medicofarma Biotech SA | X Trade vs. UF Games SA | X Trade vs. SOFTWARE MANSION SPOLKA | X Trade vs. Creotech Instruments 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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