Correlation Between Grupo Televisa and 36Kr Holdings
Can any of the company-specific risk be diversified away by investing in both Grupo Televisa and 36Kr Holdings 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 Grupo Televisa and 36Kr Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grupo Televisa SAB and 36Kr Holdings, you can compare the effects of market volatilities on Grupo Televisa and 36Kr Holdings 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 Grupo Televisa with a short position of 36Kr Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Televisa and 36Kr Holdings.
Diversification Opportunities for Grupo Televisa and 36Kr Holdings
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grupo and 36Kr is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Televisa SAB and 36Kr Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 36Kr Holdings and Grupo Televisa 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 Grupo Televisa SAB are associated (or correlated) with 36Kr Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 36Kr Holdings has no effect on the direction of Grupo Televisa i.e., Grupo Televisa and 36Kr Holdings go up and down completely randomly.
Pair Corralation between Grupo Televisa and 36Kr Holdings
Allowing for the 90-day total investment horizon Grupo Televisa is expected to generate 3.26 times less return on investment than 36Kr Holdings. But when comparing it to its historical volatility, Grupo Televisa SAB is 1.24 times less risky than 36Kr Holdings. It trades about 0.06 of its potential returns per unit of risk. 36Kr Holdings is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 320.00 in 36Kr Holdings on October 25, 2024 and sell it today you would earn a total of 37.00 from holding 36Kr Holdings or generate 11.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Televisa SAB vs. 36Kr Holdings
Performance |
| Timeline |
| Grupo Televisa SAB |
| 36Kr Holdings |
Grupo Televisa and 36Kr Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Televisa and 36Kr Holdings
The main advantage of trading using opposite Grupo Televisa and 36Kr Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Televisa position performs unexpectedly, 36Kr Holdings 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 36Kr Holdings will offset losses from the drop in 36Kr Holdings' long position.| Grupo Televisa vs. Telefonica Brasil SA | Grupo Televisa vs. Telefonica SA ADR | Grupo Televisa vs. Liberty Broadband Srs | Grupo Televisa vs. SK Telecom Co |
| 36Kr Holdings vs. Yunji Inc | 36Kr Holdings vs. Fangdd Network Group | 36Kr Holdings vs. Huize Holding | 36Kr Holdings vs. MOGU 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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