Correlation Analysis Between Altaba and 3I GROUP

Analyzing existing cross correlation between Altaba and 3I GROUP. You can compare the effects of market volatilities on Altaba and 3I GROUP 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 Altaba with a short position of 3I GROUP. See also your portfolio center. Please also check ongoing floating volatility patterns of Altaba and 3I GROUP.
Horizon     30 Days    Login   to change
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Comparative Performance

Altaba  
00

Risk-Adjusted Performance

Over the last 30 days Altaba has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Altaba is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short term losses for the investors.
3I GROUP  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in 3I GROUP are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, 3I GROUP may actually be approaching a critical reversion point that can send shares even higher in February 2020.

Altaba and 3I GROUP Volatility Contrast

 Predicted Return Density 
    
  Returns 

Altaba  vs.  3I GROUP

 Performance (%) 
    
  Timeline 

Pair Volatility

If you would invest  1,335  in 3I GROUP on December 20, 2019 and sell it today you would earn a total of  90.00  from holding 3I GROUP or generate 6.74% return on investment over 30 days.

Pair Corralation between Altaba and 3I GROUP

-0.24
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy75.0%
ValuesDaily Returns

Diversification Opportunities for Altaba and 3I GROUP

Altaba diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Altaba and 3I GROUP in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on 3I GROUP and Altaba 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 Altaba are associated (or correlated) with 3I GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 3I GROUP has no effect on the direction of Altaba i.e. Altaba and 3I GROUP go up and down completely randomly.
See also your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..