Correlation Between Conferize and Intel
Can any of the company-specific risk be diversified away by investing in both Conferize and Intel 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 Conferize and Intel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Conferize AS and Intel, you can compare the effects of market volatilities on Conferize and Intel 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 Conferize with a short position of Intel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Conferize and Intel.
Diversification Opportunities for Conferize and Intel
Good diversification
The 3 months correlation between Conferize and Intel is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Conferize AS and Intel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intel and Conferize 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 Conferize AS are associated (or correlated) with Intel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intel has no effect on the direction of Conferize i.e., Conferize and Intel go up and down completely randomly.
Pair Corralation between Conferize and Intel
Assuming the 90 days trading horizon Conferize AS is expected to generate 3.03 times more return on investment than Intel. However, Conferize is 3.03 times more volatile than Intel. It trades about 0.0 of its potential returns per unit of risk. Intel is currently generating about -0.15 per unit of risk. If you would invest 2.05 in Conferize AS on January 26, 2024 and sell it today you would lose (0.25) from holding Conferize AS or give up 12.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Conferize AS vs. Intel
Performance |
| Timeline |
| Conferize AS |
| Intel |
Conferize and Intel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Conferize and Intel
The main advantage of trading using opposite Conferize and Intel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Conferize position performs unexpectedly, Intel 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 Intel will offset losses from the drop in Intel's long position.| Conferize vs. Scape Technologies AS | Conferize vs. BioPorto | Conferize vs. Odico AS | Conferize vs. Dataproces Group AS |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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