Correlation Between Mavshack Publ and NetJobs Group
Can any of the company-specific risk be diversified away by investing in both Mavshack Publ and NetJobs Group 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 Mavshack Publ and NetJobs Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mavshack publ AB and NetJobs Group AB, you can compare the effects of market volatilities on Mavshack Publ and NetJobs Group 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 Mavshack Publ with a short position of NetJobs Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mavshack Publ and NetJobs Group.
Diversification Opportunities for Mavshack Publ and NetJobs Group
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Mavshack and NetJobs is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Mavshack publ AB and NetJobs Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NetJobs Group AB and Mavshack Publ 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 Mavshack publ AB are associated (or correlated) with NetJobs Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NetJobs Group AB has no effect on the direction of Mavshack Publ i.e., Mavshack Publ and NetJobs Group go up and down completely randomly.
Pair Corralation between Mavshack Publ and NetJobs Group
Assuming the 90 days trading horizon Mavshack publ AB is expected to under-perform the NetJobs Group. In addition to that, Mavshack Publ is 1.48 times more volatile than NetJobs Group AB. It trades about -0.08 of its total potential returns per unit of risk. NetJobs Group AB is currently generating about -0.02 per unit of volatility. If you would invest 99.00 in NetJobs Group AB on August 24, 2024 and sell it today you would lose (66.00) from holding NetJobs Group AB or give up 66.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mavshack publ AB vs. NetJobs Group AB
Performance |
| Timeline |
| Mavshack publ AB |
| NetJobs Group AB |
Mavshack Publ and NetJobs Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mavshack Publ and NetJobs Group
The main advantage of trading using opposite Mavshack Publ and NetJobs Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mavshack Publ position performs unexpectedly, NetJobs Group 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 NetJobs Group will offset losses from the drop in NetJobs Group's long position.| Mavshack Publ vs. Eniro AB | Mavshack Publ vs. Kancera AB | Mavshack Publ vs. Cortus Energy AB | Mavshack Publ vs. Mantex AB |
| NetJobs Group vs. Online Brands Nordic | NetJobs Group vs. Clean Motion AB | NetJobs Group vs. Mavshack publ AB | NetJobs Group vs. Nicoccino Holding AB |
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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