Correlation Between Bet-at-home and MAVEN WIRELESS
Can any of the company-specific risk be diversified away by investing in both Bet-at-home and MAVEN WIRELESS 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 Bet-at-home and MAVEN WIRELESS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between bet at home AG and MAVEN WIRELESS SWEDEN, you can compare the effects of market volatilities on Bet-at-home and MAVEN WIRELESS 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 Bet-at-home with a short position of MAVEN WIRELESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bet-at-home and MAVEN WIRELESS.
Diversification Opportunities for Bet-at-home and MAVEN WIRELESS
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bet-at-home and MAVEN is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding bet at home AG and MAVEN WIRELESS SWEDEN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAVEN WIRELESS SWEDEN and Bet-at-home 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 bet at home AG are associated (or correlated) with MAVEN WIRELESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAVEN WIRELESS SWEDEN has no effect on the direction of Bet-at-home i.e., Bet-at-home and MAVEN WIRELESS go up and down completely randomly.
Pair Corralation between Bet-at-home and MAVEN WIRELESS
Assuming the 90 days trading horizon bet at home AG is expected to generate 0.69 times more return on investment than MAVEN WIRELESS. However, bet at home AG is 1.45 times less risky than MAVEN WIRELESS. It trades about 0.06 of its potential returns per unit of risk. MAVEN WIRELESS SWEDEN is currently generating about -0.02 per unit of risk. If you would invest 255.00 in bet at home AG on December 2, 2024 and sell it today you would earn a total of 21.00 from holding bet at home AG or generate 8.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
bet at home AG vs. MAVEN WIRELESS SWEDEN
Performance |
Timeline |
bet at home |
MAVEN WIRELESS SWEDEN |
Bet-at-home and MAVEN WIRELESS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bet-at-home and MAVEN WIRELESS
The main advantage of trading using opposite Bet-at-home and MAVEN WIRELESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bet-at-home position performs unexpectedly, MAVEN WIRELESS 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 MAVEN WIRELESS will offset losses from the drop in MAVEN WIRELESS's long position.Bet-at-home vs. Apple Inc | Bet-at-home vs. Apple Inc | Bet-at-home vs. Apple Inc | Bet-at-home vs. Apple Inc |
MAVEN WIRELESS vs. Salesforce | MAVEN WIRELESS vs. NTT DATA | MAVEN WIRELESS vs. Datang International Power | MAVEN WIRELESS vs. Marie Brizard Wine |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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