Correlation Between Millicom International and TalkPool
Specify exactly 2 symbols:
By analyzing existing cross correlation between Millicom International Cellular and TalkPool AG, you can compare the effects of market volatilities on Millicom International and TalkPool 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 Millicom International with a short position of TalkPool. Check out your portfolio center. Please also check ongoing floating volatility patterns of Millicom International and TalkPool.
Diversification Opportunities for Millicom International and TalkPool
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Millicom and TalkPool is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Millicom International Cellula and TalkPool AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TalkPool AG and Millicom International 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 Millicom International Cellular are associated (or correlated) with TalkPool. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TalkPool AG has no effect on the direction of Millicom International i.e., Millicom International and TalkPool go up and down completely randomly.
Pair Corralation between Millicom International and TalkPool
Assuming the 90 days trading horizon Millicom International Cellular is expected to generate 0.58 times more return on investment than TalkPool. However, Millicom International Cellular is 1.73 times less risky than TalkPool. It trades about -0.15 of its potential returns per unit of risk. TalkPool AG is currently generating about -0.15 per unit of risk. If you would invest 29,780 in Millicom International Cellular on August 31, 2024 and sell it today you would lose (1,680) from holding Millicom International Cellular or give up 5.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Millicom International Cellula vs. TalkPool AG
Performance |
| Timeline |
| Millicom International |
| TalkPool AG |
Millicom International and TalkPool Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Millicom International and TalkPool
The main advantage of trading using opposite Millicom International and TalkPool positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Millicom International position performs unexpectedly, TalkPool 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 TalkPool will offset losses from the drop in TalkPool's long position.| Millicom International vs. Tele2 AB | Millicom International vs. Telia Company AB | Millicom International vs. Kinnevik Investment AB | Millicom International vs. Intrum Justitia AB |
| TalkPool vs. Checkin Group AB | TalkPool vs. Midsummer AB | TalkPool vs. Hexatronic Group AB | TalkPool vs. Cint Group 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |