Correlation Between Netflix and 23291KAJ4
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By analyzing existing cross correlation between Netflix and DH EUROPE FINANCE, you can compare the effects of market volatilities on Netflix and 23291KAJ4 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 23291KAJ4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netflix and 23291KAJ4.
Diversification Opportunities for Netflix and 23291KAJ4
Pay attention - limited upside
The 3 months correlation between Netflix and 23291KAJ4 is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Netflix and DH EUROPE FINANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DH EUROPE FINANCE 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 23291KAJ4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DH EUROPE FINANCE has no effect on the direction of Netflix i.e., Netflix and 23291KAJ4 go up and down completely randomly.
Pair Corralation between Netflix and 23291KAJ4
Given the investment horizon of 90 days Netflix is expected to generate 8.73 times less return on investment than 23291KAJ4. But when comparing it to its historical volatility, Netflix is 21.84 times less risky than 23291KAJ4. It trades about 0.11 of its potential returns per unit of risk. DH EUROPE FINANCE is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 8,412 in DH EUROPE FINANCE on September 2, 2024 and sell it today you would lose (283.00) from holding DH EUROPE FINANCE or give up 3.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.31% |
| Values | Daily Returns |
Netflix vs. DH EUROPE FINANCE
Performance |
| Timeline |
| Netflix |
| DH EUROPE FINANCE |
Netflix and 23291KAJ4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netflix and 23291KAJ4
The main advantage of trading using opposite Netflix and 23291KAJ4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netflix position performs unexpectedly, 23291KAJ4 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 23291KAJ4 will offset losses from the drop in 23291KAJ4's long position.| Netflix vs. Paramount Global Class | Netflix vs. Roku Inc | Netflix vs. Warner Bros Discovery | Netflix vs. AMC Entertainment Holdings |
| 23291KAJ4 vs. Timken Company | 23291KAJ4 vs. Mativ Holdings | 23291KAJ4 vs. Postal Realty Trust | 23291KAJ4 vs. Tower One Wireless |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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