Correlation Between Playtika Holding and FMEGR
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By analyzing existing cross correlation between Playtika Holding Corp and FMEGR 3 01 DEC 31, you can compare the effects of market volatilities on Playtika Holding and FMEGR 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 FMEGR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Playtika Holding and FMEGR.
Diversification Opportunities for Playtika Holding and FMEGR
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Playtika and FMEGR is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Playtika Holding Corp and FMEGR 3 01 DEC 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FMEGR 3 01 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 FMEGR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FMEGR 3 01 has no effect on the direction of Playtika Holding i.e., Playtika Holding and FMEGR go up and down completely randomly.
Pair Corralation between Playtika Holding and FMEGR
Given the investment horizon of 90 days Playtika Holding Corp is expected to generate 1.81 times more return on investment than FMEGR. However, Playtika Holding is 1.81 times more volatile than FMEGR 3 01 DEC 31. It trades about 0.14 of its potential returns per unit of risk. FMEGR 3 01 DEC 31 is currently generating about -0.15 per unit of risk. If you would invest 730.00 in Playtika Holding Corp on September 12, 2024 and sell it today you would earn a total of 96.00 from holding Playtika Holding Corp or generate 13.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 46.88% |
| Values | Daily Returns |
Playtika Holding Corp vs. FMEGR 3 01 DEC 31
Performance |
| Timeline |
| Playtika Holding Corp |
| FMEGR 3 01 |
Playtika Holding and FMEGR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Playtika Holding and FMEGR
The main advantage of trading using opposite Playtika Holding and FMEGR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Playtika Holding position performs unexpectedly, FMEGR 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 FMEGR will offset losses from the drop in FMEGR's long position.| Playtika Holding vs. SohuCom | Playtika Holding vs. Playstudios | Playtika Holding vs. GDEV Inc | Playtika Holding vs. NetEase |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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