Correlation Between Modern Times and Viaplay Group
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By analyzing existing cross correlation between Modern Times Group and Viaplay Group AB, you can compare the effects of market volatilities on Modern Times and Viaplay 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 Modern Times with a short position of Viaplay Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Modern Times and Viaplay Group.
Diversification Opportunities for Modern Times and Viaplay Group
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Modern and Viaplay is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Modern Times Group and Viaplay Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viaplay Group AB and Modern Times 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 Modern Times Group are associated (or correlated) with Viaplay Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viaplay Group AB has no effect on the direction of Modern Times i.e., Modern Times and Viaplay Group go up and down completely randomly.
Pair Corralation between Modern Times and Viaplay Group
Assuming the 90 days trading horizon Modern Times Group is expected to generate 0.14 times more return on investment than Viaplay Group. However, Modern Times Group is 7.12 times less risky than Viaplay Group. It trades about 0.36 of its potential returns per unit of risk. Viaplay Group AB is currently generating about -0.1 per unit of risk. If you would invest 7,500 in Modern Times Group on September 1, 2024 and sell it today you would earn a total of 1,650 from holding Modern Times Group or generate 22.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Modern Times Group vs. Viaplay Group AB
Performance |
| Timeline |
| Modern Times Group |
| Viaplay Group AB |
Modern Times and Viaplay Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Modern Times and Viaplay Group
The main advantage of trading using opposite Modern Times and Viaplay Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Modern Times position performs unexpectedly, Viaplay 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 Viaplay Group will offset losses from the drop in Viaplay Group's long position.| Modern Times vs. Kinnevik Investment AB | Modern Times vs. Tele2 AB | Modern Times vs. Getinge AB ser | Modern Times vs. Securitas AB |
| Viaplay Group vs. Viaplay Group AB | Viaplay Group vs. Modern Times Group | Viaplay Group vs. FastPartner AB Series | Viaplay Group vs. HMS Networks 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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