Correlation Between Stagwell and 191216CE8
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By analyzing existing cross correlation between Stagwell and COCA A 29, you can compare the effects of market volatilities on Stagwell and 191216CE8 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 Stagwell with a short position of 191216CE8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stagwell and 191216CE8.
Diversification Opportunities for Stagwell and 191216CE8
Very good diversification
The 3 months correlation between Stagwell and 191216CE8 is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Stagwell and COCA A 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COCA A 29 and Stagwell 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 Stagwell are associated (or correlated) with 191216CE8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COCA A 29 has no effect on the direction of Stagwell i.e., Stagwell and 191216CE8 go up and down completely randomly.
Pair Corralation between Stagwell and 191216CE8
Given the investment horizon of 90 days Stagwell is expected to under-perform the 191216CE8. In addition to that, Stagwell is 1.97 times more volatile than COCA A 29. It trades about -0.1 of its total potential returns per unit of risk. COCA A 29 is currently generating about -0.15 per unit of volatility. If you would invest 9,656 in COCA A 29 on September 14, 2024 and sell it today you would lose (309.00) from holding COCA A 29 or give up 3.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stagwell vs. COCA A 29
Performance |
| Timeline |
| Stagwell |
| COCA A 29 |
Stagwell and 191216CE8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stagwell and 191216CE8
The main advantage of trading using opposite Stagwell and 191216CE8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stagwell position performs unexpectedly, 191216CE8 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 191216CE8 will offset losses from the drop in 191216CE8's long position.| Stagwell vs. Innovid Corp | Stagwell vs. Interpublic Group of | Stagwell vs. Cimpress NV | Stagwell vs. Criteo Sa |
| 191216CE8 vs. Pure Cycle | 191216CE8 vs. United Utilities Group | 191216CE8 vs. Vistra Energy Corp | 191216CE8 vs. Coty Inc |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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