Correlation Between Viaplay Group and Acast AB
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By analyzing existing cross correlation between Viaplay Group AB and Acast AB, you can compare the effects of market volatilities on Viaplay Group and Acast AB 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 Viaplay Group with a short position of Acast AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viaplay Group and Acast AB.
Diversification Opportunities for Viaplay Group and Acast AB
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Viaplay and Acast is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Viaplay Group AB and Acast AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acast AB and Viaplay Group 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 Viaplay Group AB are associated (or correlated) with Acast AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acast AB has no effect on the direction of Viaplay Group i.e., Viaplay Group and Acast AB go up and down completely randomly.
Pair Corralation between Viaplay Group and Acast AB
Assuming the 90 days trading horizon Viaplay Group AB is expected to under-perform the Acast AB. In addition to that, Viaplay Group is 1.72 times more volatile than Acast AB. It trades about -0.05 of its total potential returns per unit of risk. Acast AB is currently generating about -0.04 per unit of volatility. If you would invest 1,530 in Acast AB on August 28, 2024 and sell it today you would lose (40.00) from holding Acast AB or give up 2.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viaplay Group AB vs. Acast AB
Performance |
| Timeline |
| Viaplay Group AB |
| Acast AB |
Viaplay Group and Acast AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viaplay Group and Acast AB
The main advantage of trading using opposite Viaplay Group and Acast AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viaplay Group position performs unexpectedly, Acast AB 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 Acast AB will offset losses from the drop in Acast AB's long position.| Viaplay Group vs. Truecaller AB | Viaplay Group vs. Millicom International Cellular | Viaplay Group vs. Tele2 AB | Viaplay Group vs. BHG Group AB |
| Acast AB vs. Cint Group AB | Acast AB vs. Storytel AB | Acast AB vs. Stillfront Group AB | Acast AB vs. Thunderful 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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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