Correlation Between Playtika Holding and United
Specify exactly 2 symbols:
By analyzing existing cross correlation between Playtika Holding Corp and United States Cellular, you can compare the effects of market volatilities on Playtika Holding and United 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 United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Playtika Holding and United.
Diversification Opportunities for Playtika Holding and United
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Playtika and United is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Playtika Holding Corp and United States Cellular in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United States Cellular 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 United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United States Cellular has no effect on the direction of Playtika Holding i.e., Playtika Holding and United go up and down completely randomly.
Pair Corralation between Playtika Holding and United
Given the investment horizon of 90 days Playtika Holding Corp is expected to generate 0.48 times more return on investment than United. However, Playtika Holding Corp is 2.08 times less risky than United. It trades about 0.26 of its potential returns per unit of risk. United States Cellular is currently generating about -0.19 per unit of risk. If you would invest 791.00 in Playtika Holding Corp on September 2, 2024 and sell it today you would earn a total of 51.00 from holding Playtika Holding Corp or generate 6.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Playtika Holding Corp vs. United States Cellular
Performance |
| Timeline |
| Playtika Holding Corp |
| United States Cellular |
Playtika Holding and United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Playtika Holding and United
The main advantage of trading using opposite Playtika Holding and United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Playtika Holding position performs unexpectedly, United 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 United will offset losses from the drop in United's long position.| Playtika Holding vs. Gravity Co | Playtika Holding vs. NetEase | Playtika Holding vs. Snail, Class A | Playtika Holding vs. GameSquare Holdings |
| United vs. National CineMedia | United vs. Playtika Holding Corp | United vs. Dolphin Entertainment | United vs. Dave Busters Entertainment |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Stocks Directory Find actively traded stocks across global markets | |
| Commodity Directory Find actively traded commodities issued by global exchanges |