Correlation Between Playtika Holding and NEXEN
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By analyzing existing cross correlation between Playtika Holding Corp and NEXEN INC 64, you can compare the effects of market volatilities on Playtika Holding and NEXEN 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 NEXEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Playtika Holding and NEXEN.
Diversification Opportunities for Playtika Holding and NEXEN
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Playtika and NEXEN is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Playtika Holding Corp and NEXEN INC 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEXEN INC 64 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 Corp are associated (or correlated) with NEXEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEXEN INC 64 has no effect on the direction of Playtika Holding i.e., Playtika Holding and NEXEN go up and down completely randomly.
Pair Corralation between Playtika Holding and NEXEN
Given the investment horizon of 90 days Playtika Holding Corp is expected to under-perform the NEXEN. In addition to that, Playtika Holding is 1.97 times more volatile than NEXEN INC 64. It trades about -0.25 of its total potential returns per unit of risk. NEXEN INC 64 is currently generating about 0.07 per unit of volatility. If you would invest 11,282 in NEXEN INC 64 on December 24, 2024 and sell it today you would earn a total of 181.00 from holding NEXEN INC 64 or generate 1.6% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 25.0% |
Values | Daily Returns |
Playtika Holding Corp vs. NEXEN INC 64
Performance |
Timeline |
Playtika Holding Corp |
NEXEN INC 64 |
Playtika Holding and NEXEN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Playtika Holding and NEXEN
The main advantage of trading using opposite Playtika Holding and NEXEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Playtika Holding position performs unexpectedly, NEXEN 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 NEXEN will offset losses from the drop in NEXEN's long position.Playtika Holding vs. Doubledown Interactive Co | Playtika Holding vs. SohuCom | Playtika Holding vs. Playstudios | Playtika Holding vs. GDEV Inc |
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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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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