Correlation Between Netflix and Agillic AS
Can any of the company-specific risk be diversified away by investing in both Netflix and Agillic AS 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 Netflix and Agillic AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Netflix and Agillic AS, you can compare the effects of market volatilities on Netflix and Agillic AS 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 Netflix with a short position of Agillic AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netflix and Agillic AS.
Diversification Opportunities for Netflix and Agillic AS
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Netflix and Agillic is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Netflix and Agillic AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agillic AS and Netflix 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 Netflix are associated (or correlated) with Agillic AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agillic AS has no effect on the direction of Netflix i.e., Netflix and Agillic AS go up and down completely randomly.
Pair Corralation between Netflix and Agillic AS
Given the investment horizon of 90 days Netflix is expected to generate 0.86 times more return on investment than Agillic AS. However, Netflix is 1.16 times less risky than Agillic AS. It trades about 0.57 of its potential returns per unit of risk. Agillic AS is currently generating about -0.16 per unit of risk. If you would invest 75,551 in Netflix on September 4, 2024 and sell it today you would earn a total of 14,223 from holding Netflix or generate 18.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Netflix vs. Agillic AS
Performance |
| Timeline |
| Netflix |
| Agillic AS |
Netflix and Agillic AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netflix and Agillic AS
The main advantage of trading using opposite Netflix and Agillic AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netflix position performs unexpectedly, Agillic AS 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 Agillic AS will offset losses from the drop in Agillic AS's long position.| Netflix vs. Paramount Global Class | Netflix vs. Roku Inc | Netflix vs. Warner Bros Discovery | Netflix vs. AMC Entertainment Holdings |
| Agillic AS vs. Alefarm Brewing AS | Agillic AS vs. Embla Medical hf | Agillic AS vs. Vestjysk Bank AS | Agillic AS vs. Groenlandsbanken AS |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |