Correlation Between Viaplay Group and Mekonomen
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By analyzing existing cross correlation between Viaplay Group AB and Mekonomen AB, you can compare the effects of market volatilities on Viaplay Group and Mekonomen 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 Mekonomen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viaplay Group and Mekonomen.
Diversification Opportunities for Viaplay Group and Mekonomen
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Viaplay and Mekonomen is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Viaplay Group AB and Mekonomen AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mekonomen 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 Mekonomen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mekonomen AB has no effect on the direction of Viaplay Group i.e., Viaplay Group and Mekonomen go up and down completely randomly.
Pair Corralation between Viaplay Group and Mekonomen
Assuming the 90 days trading horizon Viaplay Group AB is expected to generate 1.71 times more return on investment than Mekonomen. However, Viaplay Group is 1.71 times more volatile than Mekonomen AB. It trades about -0.04 of its potential returns per unit of risk. Mekonomen AB is currently generating about -0.18 per unit of risk. If you would invest 70.00 in Viaplay Group AB on September 3, 2024 and sell it today you would lose (2.00) from holding Viaplay Group AB or give up 2.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viaplay Group AB vs. Mekonomen AB
Performance |
| Timeline |
| Viaplay Group AB |
| Mekonomen AB |
Viaplay Group and Mekonomen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viaplay Group and Mekonomen
The main advantage of trading using opposite Viaplay Group and Mekonomen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viaplay Group position performs unexpectedly, Mekonomen 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 Mekonomen will offset losses from the drop in Mekonomen'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 |
| Mekonomen vs. Clas Ohlson AB | Mekonomen vs. Bilia AB | Mekonomen vs. Byggmax Group AB | Mekonomen vs. Peab 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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