Correlation Between AXMIN and Bet-at-home

Can any of the company-specific risk be diversified away by investing in both AXMIN 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 AXMIN 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 AXMIN Inc and bet at home AG, you can compare the effects of market volatilities on AXMIN 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 AXMIN with a short position of Bet-at-home. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXMIN and Bet-at-home.

Diversification Opportunities for AXMIN and Bet-at-home

0.0

Correlation Coefficient

AXMIN  Bet-at-home

Pay attention - limited upside

The 3 months correlation between AXMIN and Bet-at-home is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AXMIN Inc 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 AXMIN 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 AXMIN Inc 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 AXMIN i.e., AXMIN and Bet-at-home go up and down completely randomly.

Pair Corralation between AXMIN and Bet-at-home

If you would invest  1.25  in AXMIN Inc on October 22, 2024 and sell it today you would earn a total of  0.00  from holding AXMIN Inc or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.33%
Values	Daily Returns

AXMIN Inc  vs.  bet at home AG

AXMIN Inc

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days AXMIN Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, AXMIN is not utilizing all of its potentials. The newest stock price tumult, may contribute to shorter-term losses for the shareholders.

bet at home

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days bet at home AG has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Bet-at-home is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with AXMIN and Bet-at-home

The main advantage of trading using opposite AXMIN and Bet-at-home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXMIN 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.

The idea behind AXMIN Inc and bet at home AG 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.

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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.