Correlation Between Grupo Televisa and Stratasys
Can any of the company-specific risk be diversified away by investing in both Grupo Televisa and Stratasys 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 Stratasys 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 Stratasys, you can compare the effects of market volatilities on Grupo Televisa and Stratasys 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 Stratasys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Televisa and Stratasys.
Diversification Opportunities for Grupo Televisa and Stratasys
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grupo and Stratasys is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Televisa SAB and Stratasys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stratasys 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 Stratasys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stratasys has no effect on the direction of Grupo Televisa i.e., Grupo Televisa and Stratasys go up and down completely randomly.
Pair Corralation between Grupo Televisa and Stratasys
Allowing for the 90-day total investment horizon Grupo Televisa SAB is expected to under-perform the Stratasys. But the stock apears to be less risky and, when comparing its historical volatility, Grupo Televisa SAB is 1.12 times less risky than Stratasys. The stock trades about -0.08 of its potential returns per unit of risk. The Stratasys is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 984.00 in Stratasys on September 3, 2024 and sell it today you would lose (22.00) from holding Stratasys or give up 2.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Televisa SAB vs. Stratasys
Performance |
| Timeline |
| Grupo Televisa SAB |
| Stratasys |
Grupo Televisa and Stratasys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Televisa and Stratasys
The main advantage of trading using opposite Grupo Televisa and Stratasys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Televisa position performs unexpectedly, Stratasys 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 Stratasys will offset losses from the drop in Stratasys' long position.| Grupo Televisa vs. Orange SA ADR | Grupo Televisa vs. Telefonica Brasil SA | Grupo Televisa vs. Telefonica SA ADR | Grupo Televisa vs. Liberty Broadband Srs |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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