Correlation Between GREENX METALS and Bet-at-home
Can any of the company-specific risk be diversified away by investing in both GREENX METALS and Bet-at-home at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GREENX METALS and Bet-at-home into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GREENX METALS LTD and bet at home AG, you can compare the effects of market volatilities on GREENX METALS and Bet-at-home 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 GREENX METALS with a short position of Bet-at-home. Check out your portfolio center. Please also check ongoing floating volatility patterns of GREENX METALS and Bet-at-home.
Diversification Opportunities for GREENX METALS and Bet-at-home
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between GREENX and Bet-at-home is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding GREENX METALS LTD and bet at home AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on bet at home and GREENX METALS 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 GREENX METALS LTD are associated (or correlated) with Bet-at-home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of bet at home has no effect on the direction of GREENX METALS i.e., GREENX METALS and Bet-at-home go up and down completely randomly.
Pair Corralation between GREENX METALS and Bet-at-home
Assuming the 90 days trading horizon GREENX METALS LTD is expected to generate 1.39 times more return on investment than Bet-at-home. However, GREENX METALS is 1.39 times more volatile than bet at home AG. It trades about 0.0 of its potential returns per unit of risk. bet at home AG is currently generating about -0.01 per unit of risk. If you would invest 56.00 in GREENX METALS LTD on September 13, 2024 and sell it today you would lose (15.00) from holding GREENX METALS LTD or give up 26.79% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
GREENX METALS LTD vs. bet at home AG
Performance |
Timeline |
GREENX METALS LTD |
bet at home |
GREENX METALS and Bet-at-home Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GREENX METALS and Bet-at-home
The main advantage of trading using opposite GREENX METALS and Bet-at-home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GREENX METALS position performs unexpectedly, Bet-at-home 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 Bet-at-home will offset losses from the drop in Bet-at-home's long position.GREENX METALS vs. Superior Plus Corp | GREENX METALS vs. SIVERS SEMICONDUCTORS AB | GREENX METALS vs. Norsk Hydro ASA | GREENX METALS vs. Reliance Steel Aluminum |
Bet-at-home vs. Salesforce | Bet-at-home vs. BROADSTNET LEADL 00025 | Bet-at-home vs. COPLAND ROAD CAPITAL | Bet-at-home vs. Gaztransport Technigaz 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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