Correlation Between Hamashbir 365 and Nice
Can any of the company-specific risk be diversified away by investing in both Hamashbir 365 and Nice 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 Hamashbir 365 and Nice into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamashbir 365 Holdings and Nice, you can compare the effects of market volatilities on Hamashbir 365 and Nice 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 Hamashbir 365 with a short position of Nice. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamashbir 365 and Nice.
Diversification Opportunities for Hamashbir 365 and Nice
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hamashbir and Nice is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Hamashbir 365 Holdings and Nice in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nice and Hamashbir 365 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 Hamashbir 365 Holdings are associated (or correlated) with Nice. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nice has no effect on the direction of Hamashbir 365 i.e., Hamashbir 365 and Nice go up and down completely randomly.
Pair Corralation between Hamashbir 365 and Nice
Assuming the 90 days trading horizon Hamashbir 365 is expected to generate 11.27 times less return on investment than Nice. In addition to that, Hamashbir 365 is 1.03 times more volatile than Nice. It trades about 0.0 of its total potential returns per unit of risk. Nice is currently generating about 0.04 per unit of volatility. If you would invest 6,441,000 in Nice on January 26, 2024 and sell it today you would earn a total of 2,244,000 from holding Nice or generate 34.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hamashbir 365 Holdings vs. Nice
Performance |
| Timeline |
| Hamashbir 365 Holdings |
| Nice |
Hamashbir 365 and Nice Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamashbir 365 and Nice
The main advantage of trading using opposite Hamashbir 365 and Nice positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamashbir 365 position performs unexpectedly, Nice 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 Nice will offset losses from the drop in Nice's long position.| Hamashbir 365 vs. Retailors | Hamashbir 365 vs. Veridis Environment | Hamashbir 365 vs. B Communications | Hamashbir 365 vs. Scope Metals Group |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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