Correlation Between MAVEN WIRELESS and Bet-at-home
Can any of the company-specific risk be diversified away by investing in both MAVEN WIRELESS 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 MAVEN WIRELESS 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 MAVEN WIRELESS SWEDEN and bet at home AG, you can compare the effects of market volatilities on MAVEN WIRELESS 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 MAVEN WIRELESS with a short position of Bet-at-home. Check out your portfolio center. Please also check ongoing floating volatility patterns of MAVEN WIRELESS and Bet-at-home.
Diversification Opportunities for MAVEN WIRELESS and Bet-at-home
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between MAVEN and Bet-at-home is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding MAVEN WIRELESS SWEDEN 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 MAVEN WIRELESS 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 MAVEN WIRELESS SWEDEN 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 MAVEN WIRELESS i.e., MAVEN WIRELESS and Bet-at-home go up and down completely randomly.
Pair Corralation between MAVEN WIRELESS and Bet-at-home
Assuming the 90 days horizon MAVEN WIRELESS is expected to generate 5.67 times less return on investment than Bet-at-home. In addition to that, MAVEN WIRELESS is 1.35 times more volatile than bet at home AG. It trades about 0.01 of its total potential returns per unit of risk. bet at home AG is currently generating about 0.06 per unit of volatility. If you would invest 248.00 in bet at home AG on December 31, 2024 and sell it today you would earn a total of 22.00 from holding bet at home AG or generate 8.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
MAVEN WIRELESS SWEDEN vs. bet at home AG
Performance |
Timeline |
MAVEN WIRELESS SWEDEN |
bet at home |
MAVEN WIRELESS and Bet-at-home Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with MAVEN WIRELESS and Bet-at-home
The main advantage of trading using opposite MAVEN WIRELESS and Bet-at-home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MAVEN WIRELESS 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.MAVEN WIRELESS vs. Tradegate AG Wertpapierhandelsbank | MAVEN WIRELESS vs. TYSON FOODS A | MAVEN WIRELESS vs. Tradeweb Markets | MAVEN WIRELESS vs. Tyson Foods |
Bet-at-home vs. COREBRIDGE FINANCIAL INC | Bet-at-home vs. Cincinnati Financial Corp | Bet-at-home vs. Fevertree Drinks PLC | Bet-at-home vs. REVO INSURANCE SPA |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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