Correlation Between Nubia Brand and Playtika Holding
Can any of the company-specific risk be diversified away by investing in both Nubia Brand and Playtika Holding 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 Nubia Brand and Playtika Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nubia Brand International and Playtika Holding Corp, you can compare the effects of market volatilities on Nubia Brand and Playtika Holding 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 Nubia Brand with a short position of Playtika Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nubia Brand and Playtika Holding.
Diversification Opportunities for Nubia Brand and Playtika Holding
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nubia and Playtika is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Nubia Brand International and Playtika Holding Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Playtika Holding Corp and Nubia Brand 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 Nubia Brand International are associated (or correlated) with Playtika Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Playtika Holding Corp has no effect on the direction of Nubia Brand i.e., Nubia Brand and Playtika Holding go up and down completely randomly.
Pair Corralation between Nubia Brand and Playtika Holding
If you would invest 1,080 in Nubia Brand International on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Nubia Brand International or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Nubia Brand International vs. Playtika Holding Corp
Performance |
| Timeline |
| Nubia Brand International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Playtika Holding Corp |
Nubia Brand and Playtika Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nubia Brand and Playtika Holding
The main advantage of trading using opposite Nubia Brand and Playtika Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nubia Brand position performs unexpectedly, Playtika Holding 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 Playtika Holding will offset losses from the drop in Playtika Holding's long position.| Nubia Brand vs. Zumiez Inc | Nubia Brand vs. ReTo Eco Solutions | Nubia Brand vs. Ralph Lauren Corp | Nubia Brand vs. Tandy Leather Factory |
| Playtika Holding vs. SohuCom | Playtika Holding vs. Playstudios | Playtika Holding vs. NetEase | Playtika Holding vs. Golden Matrix Group |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |