Correlation Between Maven Wireless and Footway Group
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By analyzing existing cross correlation between Maven Wireless Sweden and Footway Group AB, you can compare the effects of market volatilities on Maven Wireless and Footway 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 Footway Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maven Wireless and Footway Group.
Diversification Opportunities for Maven Wireless and Footway Group
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Maven and Footway is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Maven Wireless Sweden and Footway Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Footway 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 Footway Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Footway Group AB has no effect on the direction of Maven Wireless i.e., Maven Wireless and Footway Group go up and down completely randomly.
Pair Corralation between Maven Wireless and Footway Group
Assuming the 90 days trading horizon Maven Wireless Sweden is expected to under-perform the Footway Group. But the stock apears to be less risky and, when comparing its historical volatility, Maven Wireless Sweden is 1.38 times less risky than Footway Group. The stock trades about -0.45 of its potential returns per unit of risk. The Footway Group AB is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest 3,240 in Footway Group AB on September 13, 2024 and sell it today you would lose (340.00) from holding Footway Group AB or give up 10.49% 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. Footway Group AB
Performance |
| Timeline |
| Maven Wireless Sweden |
| Footway Group AB |
Maven Wireless and Footway Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maven Wireless and Footway Group
The main advantage of trading using opposite Maven Wireless and Footway Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maven Wireless position performs unexpectedly, Footway 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 Footway Group will offset losses from the drop in Footway Group's long position.| Maven Wireless vs. Tele2 AB | Maven Wireless vs. AB SKF | Maven Wireless vs. Svenska Cellulosa Aktiebolaget | Maven Wireless vs. AB Electrolux |
| Footway Group vs. Nitro Games Oyj | Footway Group vs. SaltX Technology Holding | Footway Group vs. Maven Wireless Sweden | Footway Group vs. New Nordic Healthbrands |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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