Correlation Between Pintec Technology and 594918BC7
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By analyzing existing cross correlation between Pintec Technology Holdings and MICROSOFT P 35, you can compare the effects of market volatilities on Pintec Technology and 594918BC7 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 Pintec Technology with a short position of 594918BC7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pintec Technology and 594918BC7.
Diversification Opportunities for Pintec Technology and 594918BC7
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Pintec and 594918BC7 is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Pintec Technology Holdings and MICROSOFT P 35 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MICROSOFT P 35 and Pintec Technology 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 Pintec Technology Holdings are associated (or correlated) with 594918BC7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MICROSOFT P 35 has no effect on the direction of Pintec Technology i.e., Pintec Technology and 594918BC7 go up and down completely randomly.
Pair Corralation between Pintec Technology and 594918BC7
Allowing for the 90-day total investment horizon Pintec Technology Holdings is expected to generate 7.06 times more return on investment than 594918BC7. However, Pintec Technology is 7.06 times more volatile than MICROSOFT P 35. It trades about 0.01 of its potential returns per unit of risk. MICROSOFT P 35 is currently generating about -0.06 per unit of risk. If you would invest 91.00 in Pintec Technology Holdings on September 15, 2024 and sell it today you would lose (1.00) from holding Pintec Technology Holdings or give up 1.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Pintec Technology Holdings vs. MICROSOFT P 35
Performance |
| Timeline |
| Pintec Technology |
| MICROSOFT P 35 |
Pintec Technology and 594918BC7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pintec Technology and 594918BC7
The main advantage of trading using opposite Pintec Technology and 594918BC7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pintec Technology position performs unexpectedly, 594918BC7 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 594918BC7 will offset losses from the drop in 594918BC7's long position.| Pintec Technology vs. Visa Class A | Pintec Technology vs. PayPal Holdings | Pintec Technology vs. Upstart Holdings | Pintec Technology vs. Mastercard |
| 594918BC7 vs. Hafnia Limited | 594918BC7 vs. Ainsworth Game Technology | 594918BC7 vs. Playtika Holding Corp | 594918BC7 vs. Contagious Gaming |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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