Correlation Between WIG 30 and Wikana SA
Specify exactly 2 symbols:
By analyzing existing cross correlation between WIG 30 and Wikana SA, you can compare the effects of market volatilities on WIG 30 and Wikana SA 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 Wikana SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Wikana SA.
Diversification Opportunities for WIG 30 and Wikana SA
Average diversification
The 3 months correlation between WIG and Wikana is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and Wikana SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wikana 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 Wikana SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wikana SA has no effect on the direction of WIG 30 i.e., WIG 30 and Wikana SA go up and down completely randomly.
Pair Corralation between WIG 30 and Wikana SA
Assuming the 90 days trading horizon WIG 30 is expected to generate 0.41 times more return on investment than Wikana SA. However, WIG 30 is 2.44 times less risky than Wikana SA. It trades about -0.06 of its potential returns per unit of risk. Wikana SA is currently generating about -0.05 per unit of risk. If you would invest 314,045 in WIG 30 on September 1, 2024 and sell it today you would lose (33,165) from holding WIG 30 or give up 10.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
WIG 30 vs. Wikana SA
Performance |
| Timeline |
WIG 30 and Wikana SA Volatility Contrast
Predicted Return Density |
| Returns |
WIG 30
Pair trading matchups for WIG 30
Wikana SA
Pair trading matchups for Wikana SA
Pair Trading with WIG 30 and Wikana SA
The main advantage of trading using opposite WIG 30 and Wikana SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, Wikana SA 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 Wikana SA will offset losses from the drop in Wikana SA's 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 |
| Wikana SA vs. Intersport Polska SA | Wikana SA vs. Saule Technologies SA | Wikana SA vs. GreenX Metals | Wikana SA vs. Carlson Investments 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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |