Correlation Between WIG 30 and Benefit Systems
Specify exactly 2 symbols:
By analyzing existing cross correlation between WIG 30 and Benefit Systems SA, you can compare the effects of market volatilities on WIG 30 and Benefit Systems 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 WIG 30 with a short position of Benefit Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Benefit Systems.
Diversification Opportunities for WIG 30 and Benefit Systems
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between WIG and Benefit is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and Benefit Systems SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Benefit Systems SA and WIG 30 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 WIG 30 are associated (or correlated) with Benefit Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Benefit Systems SA has no effect on the direction of WIG 30 i.e., WIG 30 and Benefit Systems go up and down completely randomly.
Pair Corralation between WIG 30 and Benefit Systems
Assuming the 90 days trading horizon WIG 30 is expected to generate 24.42 times less return on investment than Benefit Systems. But when comparing it to its historical volatility, WIG 30 is 1.56 times less risky than Benefit Systems. It trades about 0.01 of its potential returns per unit of risk. Benefit Systems SA is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 240,500 in Benefit Systems SA on September 1, 2024 and sell it today you would earn a total of 23,500 from holding Benefit Systems SA or generate 9.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
WIG 30 vs. Benefit Systems SA
Performance |
| Timeline |
WIG 30 and Benefit Systems Volatility Contrast
Predicted Return Density |
| Returns |
WIG 30
Pair trading matchups for WIG 30
Benefit Systems SA
Pair trading matchups for Benefit Systems
Pair Trading with WIG 30 and Benefit Systems
The main advantage of trading using opposite WIG 30 and Benefit Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, Benefit Systems 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 Benefit Systems will offset losses from the drop in Benefit Systems' long position.| WIG 30 vs. ING Bank lski | WIG 30 vs. LSI Software SA | WIG 30 vs. Quantum Software SA | WIG 30 vs. GreenX Metals |
| Benefit Systems vs. Banco Santander SA | Benefit Systems vs. UniCredit SpA | Benefit Systems vs. CEZ as | Benefit Systems vs. Polski Koncern Naftowy |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |