Correlation Between Playtika Holding and CARPENTER
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By analyzing existing cross correlation between Playtika Holding Corp and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on Playtika Holding and CARPENTER 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 Playtika Holding with a short position of CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Playtika Holding and CARPENTER.
Diversification Opportunities for Playtika Holding and CARPENTER
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Playtika and CARPENTER is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Playtika Holding Corp and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY and Playtika Holding 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 Playtika Holding Corp are associated (or correlated) with CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of Playtika Holding i.e., Playtika Holding and CARPENTER go up and down completely randomly.
Pair Corralation between Playtika Holding and CARPENTER
Given the investment horizon of 90 days Playtika Holding Corp is expected to generate 5.03 times more return on investment than CARPENTER. However, Playtika Holding is 5.03 times more volatile than CARPENTER TECHNOLOGY P. It trades about 0.01 of its potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about 0.02 per unit of risk. If you would invest 836.00 in Playtika Holding Corp on August 26, 2024 and sell it today you would earn a total of 17.00 from holding Playtika Holding Corp or generate 2.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Playtika Holding Corp vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| Playtika Holding Corp |
| CARPENTER TECHNOLOGY |
Playtika Holding and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Playtika Holding and CARPENTER
The main advantage of trading using opposite Playtika Holding and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Playtika Holding position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER's long position.| Playtika Holding vs. AEye Inc | Playtika Holding vs. Arqit Quantum Warrants | Playtika Holding vs. Xos Equity Warrants |
| CARPENTER vs. Amgen Inc | CARPENTER vs. Tarsus Pharmaceuticals | CARPENTER vs. Ardelyx | CARPENTER vs. Genfit |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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