Correlation Between WIG 30 and Play2Chill
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By analyzing existing cross correlation between WIG 30 and Play2Chill SA, you can compare the effects of market volatilities on WIG 30 and Play2Chill 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 Play2Chill. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Play2Chill.
Diversification Opportunities for WIG 30 and Play2Chill
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between WIG and Play2Chill is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and Play2Chill SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Play2Chill 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 Play2Chill. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Play2Chill SA has no effect on the direction of WIG 30 i.e., WIG 30 and Play2Chill go up and down completely randomly.
Pair Corralation between WIG 30 and Play2Chill
Assuming the 90 days trading horizon WIG 30 is expected to generate 0.86 times more return on investment than Play2Chill. However, WIG 30 is 1.16 times less risky than Play2Chill. It trades about -0.02 of its potential returns per unit of risk. Play2Chill SA is currently generating about -0.03 per unit of risk. If you would invest 284,987 in WIG 30 on August 28, 2024 and sell it today you would lose (2,406) from holding WIG 30 or give up 0.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
WIG 30 vs. Play2Chill SA
Performance |
| Timeline |
WIG 30 and Play2Chill Volatility Contrast
Predicted Return Density |
| Returns |
WIG 30
Pair trading matchups for WIG 30
Play2Chill SA
Pair trading matchups for Play2Chill
Pair Trading with WIG 30 and Play2Chill
The main advantage of trading using opposite WIG 30 and Play2Chill positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, Play2Chill 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 Play2Chill will offset losses from the drop in Play2Chill's long position.| WIG 30 vs. Igoria Trade SA | WIG 30 vs. Varsav Game Studios | WIG 30 vs. PZ Cormay SA | WIG 30 vs. Mlk Foods Public |
| Play2Chill vs. Asseco Business Solutions | Play2Chill vs. Detalion Games SA | Play2Chill vs. Asseco South Eastern | Play2Chill vs. Movie Games SA |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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