Correlation Between TEN SQUARE and Agroton Public
Can any of the company-specific risk be diversified away by investing in both TEN SQUARE and Agroton Public 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 TEN SQUARE and Agroton Public into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TEN SQUARE GAMES and Agroton Public, you can compare the effects of market volatilities on TEN SQUARE and Agroton Public 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 TEN SQUARE with a short position of Agroton Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of TEN SQUARE and Agroton Public.
Diversification Opportunities for TEN SQUARE and Agroton Public
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TEN and Agroton is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding TEN SQUARE GAMES and Agroton Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agroton Public and TEN SQUARE 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 TEN SQUARE GAMES are associated (or correlated) with Agroton Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agroton Public has no effect on the direction of TEN SQUARE i.e., TEN SQUARE and Agroton Public go up and down completely randomly.
Pair Corralation between TEN SQUARE and Agroton Public
Assuming the 90 days trading horizon TEN SQUARE GAMES is expected to under-perform the Agroton Public. But the stock apears to be less risky and, when comparing its historical volatility, TEN SQUARE GAMES is 1.4 times less risky than Agroton Public. The stock trades about -0.12 of its potential returns per unit of risk. The Agroton Public is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 366.00 in Agroton Public on September 13, 2024 and sell it today you would earn a total of 23.00 from holding Agroton Public or generate 6.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
TEN SQUARE GAMES vs. Agroton Public
Performance |
| Timeline |
| TEN SQUARE GAMES |
| Agroton Public |
TEN SQUARE and Agroton Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TEN SQUARE and Agroton Public
The main advantage of trading using opposite TEN SQUARE and Agroton Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TEN SQUARE position performs unexpectedly, Agroton Public 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 Agroton Public will offset losses from the drop in Agroton Public's long position.| TEN SQUARE vs. CD PROJEKT SA | TEN SQUARE vs. PLAYWAY SA | TEN SQUARE vs. CI Games SA | TEN SQUARE vs. Movie Games SA |
| Agroton Public vs. TEN SQUARE GAMES | Agroton Public vs. Enter Air SA | Agroton Public vs. Carlson Investments SA | Agroton Public vs. MCI Management SA |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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