Correlation Between Phoenix Holdings and Propert Buil
Can any of the company-specific risk be diversified away by investing in both Phoenix Holdings and Propert Buil 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 Phoenix Holdings and Propert Buil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Phoenix Holdings and Propert Buil, you can compare the effects of market volatilities on Phoenix Holdings and Propert Buil 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 Phoenix Holdings with a short position of Propert Buil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Phoenix Holdings and Propert Buil.
Diversification Opportunities for Phoenix Holdings and Propert Buil
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Phoenix and Propert is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding The Phoenix Holdings and Propert Buil in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Propert Buil and Phoenix Holdings 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 The Phoenix Holdings are associated (or correlated) with Propert Buil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Propert Buil has no effect on the direction of Phoenix Holdings i.e., Phoenix Holdings and Propert Buil go up and down completely randomly.
Pair Corralation between Phoenix Holdings and Propert Buil
Assuming the 90 days trading horizon The Phoenix Holdings is expected to generate 0.47 times more return on investment than Propert Buil. However, The Phoenix Holdings is 2.15 times less risky than Propert Buil. It trades about 0.65 of its potential returns per unit of risk. Propert Buil is currently generating about 0.06 per unit of risk. If you would invest 413,500 in The Phoenix Holdings on August 24, 2024 and sell it today you would earn a total of 51,900 from holding The Phoenix Holdings or generate 12.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
The Phoenix Holdings vs. Propert Buil
Performance |
| Timeline |
| Phoenix Holdings |
| Propert Buil |
Phoenix Holdings and Propert Buil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Phoenix Holdings and Propert Buil
The main advantage of trading using opposite Phoenix Holdings and Propert Buil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Phoenix Holdings position performs unexpectedly, Propert Buil 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 Propert Buil will offset losses from the drop in Propert Buil's long position.| Phoenix Holdings vs. Harel Insurance Investments | Phoenix Holdings vs. Migdal Insurance | Phoenix Holdings vs. Menora Miv Hld | Phoenix Holdings vs. Israel Discount Bank |
| Propert Buil vs. Discount Investment Corp | Propert Buil vs. Clal Insurance Enterprises | Propert Buil vs. Alony Hetz Properties | Propert Buil vs. Shufersal |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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