Correlation Between PICKN PAY and ATRYS HEALTH
Can any of the company-specific risk be diversified away by investing in both PICKN PAY and ATRYS HEALTH 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 PICKN PAY and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PICKN PAY STORES and ATRYS HEALTH SA, you can compare the effects of market volatilities on PICKN PAY and ATRYS HEALTH 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 PICKN PAY with a short position of ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of PICKN PAY and ATRYS HEALTH.
Diversification Opportunities for PICKN PAY and ATRYS HEALTH
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between PICKN and ATRYS is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding PICKN PAY STORES and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA and PICKN PAY 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 PICKN PAY STORES are associated (or correlated) with ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of PICKN PAY i.e., PICKN PAY and ATRYS HEALTH go up and down completely randomly.
Pair Corralation between PICKN PAY and ATRYS HEALTH
Assuming the 90 days trading horizon PICKN PAY STORES is expected to generate 1.3 times more return on investment than ATRYS HEALTH. However, PICKN PAY is 1.3 times more volatile than ATRYS HEALTH SA. It trades about -0.02 of its potential returns per unit of risk. ATRYS HEALTH SA is currently generating about -0.03 per unit of risk. If you would invest 251.00 in PICKN PAY STORES on November 5, 2024 and sell it today you would lose (109.00) from holding PICKN PAY STORES or give up 43.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PICKN PAY STORES vs. ATRYS HEALTH SA
Performance |
| Timeline |
| PICKN PAY STORES |
| ATRYS HEALTH SA |
PICKN PAY and ATRYS HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PICKN PAY and ATRYS HEALTH
The main advantage of trading using opposite PICKN PAY and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PICKN PAY position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.| PICKN PAY vs. TOMBADOR IRON LTD | PICKN PAY vs. Daido Steel Co | PICKN PAY vs. MOUNT GIBSON IRON | PICKN PAY vs. COSMOSTEEL HLDGS |
| ATRYS HEALTH vs. Geely Automobile Holdings | ATRYS HEALTH vs. WillScot Mobile Mini | ATRYS HEALTH vs. Cairo Communication SpA | ATRYS HEALTH vs. ZhongAn Online P |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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