Correlation Between Josef Manner and Gurktaler
Can any of the company-specific risk be diversified away by investing in both Josef Manner and Gurktaler 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 Josef Manner and Gurktaler into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Josef Manner Comp and Gurktaler AG ST, you can compare the effects of market volatilities on Josef Manner and Gurktaler 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 Josef Manner with a short position of Gurktaler. Check out your portfolio center. Please also check ongoing floating volatility patterns of Josef Manner and Gurktaler.
Diversification Opportunities for Josef Manner and Gurktaler
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Josef and Gurktaler is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Josef Manner Comp and Gurktaler AG ST in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gurktaler AG ST and Josef Manner 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 Josef Manner Comp are associated (or correlated) with Gurktaler. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gurktaler AG ST has no effect on the direction of Josef Manner i.e., Josef Manner and Gurktaler go up and down completely randomly.
Pair Corralation between Josef Manner and Gurktaler
If you would invest 10,200 in Josef Manner Comp on August 26, 2024 and sell it today you would earn a total of 200.00 from holding Josef Manner Comp or generate 1.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Josef Manner Comp vs. Gurktaler AG ST
Performance |
| Timeline |
| Josef Manner Comp |
| Gurktaler AG ST |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
Josef Manner and Gurktaler Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Josef Manner and Gurktaler
The main advantage of trading using opposite Josef Manner and Gurktaler positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Josef Manner position performs unexpectedly, Gurktaler 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 Gurktaler will offset losses from the drop in Gurktaler's long position.| Josef Manner vs. EVN AG | Josef Manner vs. Oesterr Post AG | Josef Manner vs. Kapsch Traffic | Josef Manner vs. VERBUND AG |
| Gurktaler vs. Gurktaler Aktiengesellschaft | Gurktaler vs. Josef Manner Comp | Gurktaler vs. Schoeller Bleckmann Oilfield Equipment | Gurktaler vs. AGRANA Beteiligungs Aktiengesellschaft |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |