Correlation Between Maven Wireless and Embracer Group
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By analyzing existing cross correlation between Maven Wireless Sweden and Embracer Group AB, you can compare the effects of market volatilities on Maven Wireless and Embracer 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 Maven Wireless with a short position of Embracer Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maven Wireless and Embracer Group.
Diversification Opportunities for Maven Wireless and Embracer Group
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Maven and Embracer is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Maven Wireless Sweden and Embracer Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Embracer Group AB and Maven Wireless 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 Maven Wireless Sweden are associated (or correlated) with Embracer Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Embracer Group AB has no effect on the direction of Maven Wireless i.e., Maven Wireless and Embracer Group go up and down completely randomly.
Pair Corralation between Maven Wireless and Embracer Group
Assuming the 90 days trading horizon Maven Wireless Sweden is expected to generate 0.63 times more return on investment than Embracer Group. However, Maven Wireless Sweden is 1.58 times less risky than Embracer Group. It trades about -0.02 of its potential returns per unit of risk. Embracer Group AB is currently generating about -0.01 per unit of risk. If you would invest 1,451 in Maven Wireless Sweden on November 27, 2024 and sell it today you would lose (547.00) from holding Maven Wireless Sweden or give up 37.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maven Wireless Sweden vs. Embracer Group AB
Performance |
| Timeline |
| Maven Wireless Sweden |
| Embracer Group AB |
Maven Wireless and Embracer Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maven Wireless and Embracer Group
The main advantage of trading using opposite Maven Wireless and Embracer Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maven Wireless position performs unexpectedly, Embracer 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 Embracer Group will offset losses from the drop in Embracer Group's long position.| Maven Wireless vs. Checkin Group AB | Maven Wireless vs. Midsummer AB | Maven Wireless vs. Hexatronic Group AB | Maven Wireless vs. Cint Group AB |
| Embracer Group vs. Evolution AB | Embracer Group vs. Sinch AB | Embracer Group vs. Samhllsbyggnadsbolaget i Norden | Embracer Group vs. Stillfront Group 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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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