Correlation Between TRADEGATE and PICKN PAY
Can any of the company-specific risk be diversified away by investing in both TRADEGATE and PICKN PAY 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 TRADEGATE and PICKN PAY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TRADEGATE and PICKN PAY STORES, you can compare the effects of market volatilities on TRADEGATE and PICKN PAY 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 TRADEGATE with a short position of PICKN PAY. Check out your portfolio center. Please also check ongoing floating volatility patterns of TRADEGATE and PICKN PAY.
Diversification Opportunities for TRADEGATE and PICKN PAY
Pay attention - limited upside
The 3 months correlation between TRADEGATE and PICKN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TRADEGATE and PICKN PAY STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PICKN PAY STORES and TRADEGATE 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 TRADEGATE are associated (or correlated) with PICKN PAY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PICKN PAY STORES has no effect on the direction of TRADEGATE i.e., TRADEGATE and PICKN PAY go up and down completely randomly.
Pair Corralation between TRADEGATE and PICKN PAY
Assuming the 90 days trading horizon TRADEGATE is expected to generate 0.2 times more return on investment than PICKN PAY. However, TRADEGATE is 4.97 times less risky than PICKN PAY. It trades about 0.0 of its potential returns per unit of risk. PICKN PAY STORES is currently generating about -0.05 per unit of risk. If you would invest 9,000 in TRADEGATE on December 30, 2024 and sell it today you would earn a total of 0.00 from holding TRADEGATE or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
TRADEGATE vs. PICKN PAY STORES
Performance |
Timeline |
TRADEGATE |
PICKN PAY STORES |
TRADEGATE and PICKN PAY Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TRADEGATE and PICKN PAY
The main advantage of trading using opposite TRADEGATE and PICKN PAY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TRADEGATE position performs unexpectedly, PICKN PAY 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 PICKN PAY will offset losses from the drop in PICKN PAY's long position.TRADEGATE vs. STMICROELECTRONICS | TRADEGATE vs. SAN MIGUEL BREWERY | TRADEGATE vs. MOLSON RS BEVERAGE | TRADEGATE vs. KIMBALL ELECTRONICS |
PICKN PAY vs. Tradegate AG Wertpapierhandelsbank | PICKN PAY vs. BJs Wholesale Club | PICKN PAY vs. RETAIL FOOD GROUP | PICKN PAY vs. SUN ART RETAIL |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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