Correlation Between HANOVER and Playtika Holding
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By analyzing existing cross correlation between HANOVER INS GROUP and Playtika Holding Corp, you can compare the effects of market volatilities on HANOVER and Playtika Holding 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 HANOVER with a short position of Playtika Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of HANOVER and Playtika Holding.
Diversification Opportunities for HANOVER and Playtika Holding
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HANOVER and Playtika is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding HANOVER INS GROUP and Playtika Holding Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Playtika Holding Corp and HANOVER 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 HANOVER INS GROUP are associated (or correlated) with Playtika Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Playtika Holding Corp has no effect on the direction of HANOVER i.e., HANOVER and Playtika Holding go up and down completely randomly.
Pair Corralation between HANOVER and Playtika Holding
Assuming the 90 days trading horizon HANOVER INS GROUP is expected to under-perform the Playtika Holding. But the bond apears to be less risky and, when comparing its historical volatility, HANOVER INS GROUP is 3.76 times less risky than Playtika Holding. The bond trades about -0.16 of its potential returns per unit of risk. The Playtika Holding Corp is currently generating about 0.44 of returns per unit of risk over similar time horizon. If you would invest 760.00 in Playtika Holding Corp on August 25, 2024 and sell it today you would earn a total of 93.00 from holding Playtika Holding Corp or generate 12.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
HANOVER INS GROUP vs. Playtika Holding Corp
Performance |
| Timeline |
| HANOVER INS GROUP |
| Playtika Holding Corp |
HANOVER and Playtika Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HANOVER and Playtika Holding
The main advantage of trading using opposite HANOVER and Playtika Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HANOVER position performs unexpectedly, Playtika Holding 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 Playtika Holding will offset losses from the drop in Playtika Holding's long position.| HANOVER vs. Playtika Holding Corp | HANOVER vs. Playtech plc | HANOVER vs. Xponential Fitness | HANOVER vs. Payoneer Global |
| Playtika Holding vs. Doubledown Interactive Co | Playtika Holding vs. SohuCom | Playtika Holding vs. Playstudios | Playtika Holding vs. GDEV 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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