Correlation Between Viaplay Group and Bawat Water
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By analyzing existing cross correlation between Viaplay Group AB and Bawat Water Technologies, you can compare the effects of market volatilities on Viaplay Group and Bawat Water 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 Bawat Water. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viaplay Group and Bawat Water.
Diversification Opportunities for Viaplay Group and Bawat Water
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Viaplay and Bawat is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Viaplay Group AB and Bawat Water Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bawat Water Technologies 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 Bawat Water. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bawat Water Technologies has no effect on the direction of Viaplay Group i.e., Viaplay Group and Bawat Water go up and down completely randomly.
Pair Corralation between Viaplay Group and Bawat Water
Assuming the 90 days trading horizon Viaplay Group AB is expected to generate 0.39 times more return on investment than Bawat Water. However, Viaplay Group AB is 2.56 times less risky than Bawat Water. It trades about -0.22 of its potential returns per unit of risk. Bawat Water Technologies is currently generating about -0.11 per unit of risk. If you would invest 82.00 in Viaplay Group AB on September 1, 2024 and sell it today you would lose (14.00) from holding Viaplay Group AB or give up 17.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viaplay Group AB vs. Bawat Water Technologies
Performance |
| Timeline |
| Viaplay Group AB |
| Bawat Water Technologies |
Viaplay Group and Bawat Water Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viaplay Group and Bawat Water
The main advantage of trading using opposite Viaplay Group and Bawat Water positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viaplay Group position performs unexpectedly, Bawat Water 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 Bawat Water will offset losses from the drop in Bawat Water's long position.| Viaplay Group vs. KABE Group AB | Viaplay Group vs. IAR Systems Group | Viaplay Group vs. Mekonomen AB | Viaplay Group vs. Embellence Group AB |
| Bawat Water vs. Qleanair Holding AB | Bawat Water vs. CirChem AB | Bawat Water vs. KABE Group AB | Bawat Water 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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