Correlation Between Stratasys and Grupo Televisa
Can any of the company-specific risk be diversified away by investing in both Stratasys and Grupo Televisa 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 Stratasys and Grupo Televisa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stratasys and Grupo Televisa SAB, you can compare the effects of market volatilities on Stratasys and Grupo Televisa 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 Stratasys with a short position of Grupo Televisa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and Grupo Televisa.
Diversification Opportunities for Stratasys and Grupo Televisa
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stratasys and Grupo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and Grupo Televisa SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Televisa SAB and Stratasys 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 Stratasys are associated (or correlated) with Grupo Televisa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Televisa SAB has no effect on the direction of Stratasys i.e., Stratasys and Grupo Televisa go up and down completely randomly.
Pair Corralation between Stratasys and Grupo Televisa
Given the investment horizon of 90 days Stratasys is expected to generate 2.36 times more return on investment than Grupo Televisa. However, Stratasys is 2.36 times more volatile than Grupo Televisa SAB. It trades about 0.26 of its potential returns per unit of risk. Grupo Televisa SAB is currently generating about -0.38 per unit of risk. If you would invest 715.00 in Stratasys on September 1, 2024 and sell it today you would earn a total of 247.00 from holding Stratasys or generate 34.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stratasys vs. Grupo Televisa SAB
Performance |
| Timeline |
| Stratasys |
| Grupo Televisa SAB |
Stratasys and Grupo Televisa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and Grupo Televisa
The main advantage of trading using opposite Stratasys and Grupo Televisa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, Grupo Televisa 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 Grupo Televisa will offset losses from the drop in Grupo Televisa's long position.| Stratasys vs. Nano Dimension | Stratasys vs. IONQ Inc | Stratasys vs. D Wave Quantum | Stratasys vs. Desktop Metal |
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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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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