Correlation Between THRACE PLASTICS and ALBIS LEASING
Can any of the company-specific risk be diversified away by investing in both THRACE PLASTICS and ALBIS LEASING 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 THRACE PLASTICS and ALBIS LEASING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between THRACE PLASTICS and ALBIS LEASING AG, you can compare the effects of market volatilities on THRACE PLASTICS and ALBIS LEASING 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 THRACE PLASTICS with a short position of ALBIS LEASING. Check out your portfolio center. Please also check ongoing floating volatility patterns of THRACE PLASTICS and ALBIS LEASING.
Diversification Opportunities for THRACE PLASTICS and ALBIS LEASING
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between THRACE and ALBIS is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding THRACE PLASTICS and ALBIS LEASING AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALBIS LEASING AG and THRACE PLASTICS 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 THRACE PLASTICS are associated (or correlated) with ALBIS LEASING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALBIS LEASING AG has no effect on the direction of THRACE PLASTICS i.e., THRACE PLASTICS and ALBIS LEASING go up and down completely randomly.
Pair Corralation between THRACE PLASTICS and ALBIS LEASING
If you would invest 278.00 in ALBIS LEASING AG on December 9, 2024 and sell it today you would earn a total of 0.00 from holding ALBIS LEASING AG or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
THRACE PLASTICS vs. ALBIS LEASING AG
Performance |
| Timeline |
| THRACE PLASTICS |
| ALBIS LEASING AG |
THRACE PLASTICS and ALBIS LEASING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with THRACE PLASTICS and ALBIS LEASING
The main advantage of trading using opposite THRACE PLASTICS and ALBIS LEASING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if THRACE PLASTICS position performs unexpectedly, ALBIS LEASING 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 ALBIS LEASING will offset losses from the drop in ALBIS LEASING's long position.| THRACE PLASTICS vs. Daido Steel Co | ||
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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