Correlation Between Transportadora and ATRYS HEALTH
Can any of the company-specific risk be diversified away by investing in both Transportadora and ATRYS HEALTH 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 Transportadora and ATRYS HEALTH into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Transportadora de Gas and ATRYS HEALTH SA, you can compare the effects of market volatilities on Transportadora and ATRYS HEALTH 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 Transportadora with a short position of ATRYS HEALTH. Check out your portfolio center. Please also check ongoing floating volatility patterns of Transportadora and ATRYS HEALTH.
Diversification Opportunities for Transportadora and ATRYS HEALTH
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Transportadora and ATRYS is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Transportadora de Gas and ATRYS HEALTH SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATRYS HEALTH SA and Transportadora 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 Transportadora de Gas are associated (or correlated) with ATRYS HEALTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATRYS HEALTH SA has no effect on the direction of Transportadora i.e., Transportadora and ATRYS HEALTH go up and down completely randomly.
Pair Corralation between Transportadora and ATRYS HEALTH
Assuming the 90 days trading horizon Transportadora de Gas is expected to generate 1.62 times more return on investment than ATRYS HEALTH. However, Transportadora is 1.62 times more volatile than ATRYS HEALTH SA. It trades about 0.08 of its potential returns per unit of risk. ATRYS HEALTH SA is currently generating about -0.04 per unit of risk. If you would invest 1,160 in Transportadora de Gas on August 31, 2024 and sell it today you would earn a total of 1,700 from holding Transportadora de Gas or generate 146.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.74% |
| Values | Daily Returns |
Transportadora de Gas vs. ATRYS HEALTH SA
Performance |
| Timeline |
| Transportadora de Gas |
| ATRYS HEALTH SA |
Transportadora and ATRYS HEALTH Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Transportadora and ATRYS HEALTH
The main advantage of trading using opposite Transportadora and ATRYS HEALTH positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Transportadora position performs unexpectedly, ATRYS HEALTH 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 ATRYS HEALTH will offset losses from the drop in ATRYS HEALTH's long position.| Transportadora vs. Gladstone Investment | Transportadora vs. Games Workshop Group | Transportadora vs. MGIC INVESTMENT | Transportadora vs. HK Electric Investments |
| ATRYS HEALTH vs. Superior Plus Corp | ATRYS HEALTH vs. NMI Holdings | ATRYS HEALTH vs. Origin Agritech | ATRYS HEALTH vs. SIVERS SEMICONDUCTORS AB |
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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