Correlation Between Viaplay Group and Arctic Blue
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By analyzing existing cross correlation between Viaplay Group AB and Arctic Blue Beverages, you can compare the effects of market volatilities on Viaplay Group and Arctic Blue 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 Arctic Blue. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viaplay Group and Arctic Blue.
Diversification Opportunities for Viaplay Group and Arctic Blue
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Viaplay and Arctic is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Viaplay Group AB and Arctic Blue Beverages in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Arctic Blue Beverages 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 Arctic Blue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Arctic Blue Beverages has no effect on the direction of Viaplay Group i.e., Viaplay Group and Arctic Blue go up and down completely randomly.
Pair Corralation between Viaplay Group and Arctic Blue
Assuming the 90 days trading horizon Viaplay Group AB is expected to under-perform the Arctic Blue. But the stock apears to be less risky and, when comparing its historical volatility, Viaplay Group AB is 5.28 times less risky than Arctic Blue. The stock trades about -0.05 of its potential returns per unit of risk. The Arctic Blue Beverages is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 11.00 in Arctic Blue Beverages on October 7, 2024 and sell it today you would earn a total of 3.00 from holding Arctic Blue Beverages or generate 27.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viaplay Group AB vs. Arctic Blue Beverages
Performance |
| Timeline |
| Viaplay Group AB |
| Arctic Blue Beverages |
Viaplay Group and Arctic Blue Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viaplay Group and Arctic Blue
The main advantage of trading using opposite Viaplay Group and Arctic Blue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viaplay Group position performs unexpectedly, Arctic Blue 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 Arctic Blue will offset losses from the drop in Arctic Blue's long position.| Viaplay Group vs. Truecaller AB | Viaplay Group vs. Modern Times Group | Viaplay Group vs. Millicom International Cellular | Viaplay Group vs. Tele2 AB |
| Arctic Blue vs. Viva Wine Group | Arctic Blue vs. High Coast Distillery | Arctic Blue vs. KABE Group AB | Arctic Blue vs. IAR Systems Group |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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