Correlation Between PLAYTIKA HOLDING and OURGAME INTHOLDL

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Can any of the company-specific risk be diversified away by investing in both PLAYTIKA HOLDING and OURGAME INTHOLDL 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 PLAYTIKA HOLDING and OURGAME INTHOLDL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PLAYTIKA HOLDING DL 01 and OURGAME INTHOLDL 00005, you can compare the effects of market volatilities on PLAYTIKA HOLDING and OURGAME INTHOLDL 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 PLAYTIKA HOLDING with a short position of OURGAME INTHOLDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of PLAYTIKA HOLDING and OURGAME INTHOLDL.

Diversification Opportunities for PLAYTIKA HOLDING and OURGAME INTHOLDL

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between PLAYTIKA and OURGAME is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PLAYTIKA HOLDING DL 01 and OURGAME INTHOLDL 00005 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OURGAME INTHOLDL 00005 and PLAYTIKA HOLDING 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 PLAYTIKA HOLDING DL 01 are associated (or correlated) with OURGAME INTHOLDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OURGAME INTHOLDL 00005 has no effect on the direction of PLAYTIKA HOLDING i.e., PLAYTIKA HOLDING and OURGAME INTHOLDL go up and down completely randomly.

Pair Corralation between PLAYTIKA HOLDING and OURGAME INTHOLDL

Assuming the 90 days horizon PLAYTIKA HOLDING DL 01 is expected to under-perform the OURGAME INTHOLDL. But the stock apears to be less risky and, when comparing its historical volatility, PLAYTIKA HOLDING DL 01 is 3.8 times less risky than OURGAME INTHOLDL. The stock trades about -0.01 of its potential returns per unit of risk. The OURGAME INTHOLDL 00005 is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  3.15  in OURGAME INTHOLDL 00005 on October 3, 2024 and sell it today you would lose (1.55) from holding OURGAME INTHOLDL 00005 or give up 49.21% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.8%
ValuesDaily Returns

PLAYTIKA HOLDING DL 01  vs.  OURGAME INTHOLDL 00005

 Performance 
       Timeline  
PLAYTIKA HOLDING 

Risk-Adjusted Performance

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Strong
Very Weak
Over the last 90 days PLAYTIKA HOLDING DL 01 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, PLAYTIKA HOLDING is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
OURGAME INTHOLDL 00005 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days OURGAME INTHOLDL 00005 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, OURGAME INTHOLDL is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

PLAYTIKA HOLDING and OURGAME INTHOLDL Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with PLAYTIKA HOLDING and OURGAME INTHOLDL

The main advantage of trading using opposite PLAYTIKA HOLDING and OURGAME INTHOLDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PLAYTIKA HOLDING position performs unexpectedly, OURGAME INTHOLDL 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 OURGAME INTHOLDL will offset losses from the drop in OURGAME INTHOLDL's long position.
The idea behind PLAYTIKA HOLDING DL 01 and OURGAME INTHOLDL 00005 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.

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