Correlation Between Shagrir Group and Apple
Can any of the company-specific risk be diversified away by investing in both Shagrir Group and Apple 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 Shagrir Group and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shagrir Group Vehicle and Apple Inc, you can compare the effects of market volatilities on Shagrir Group and Apple 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 Shagrir Group with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shagrir Group and Apple.
Diversification Opportunities for Shagrir Group and Apple
-0.89 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shagrir and Apple is -0.89. Overlapping area represents the amount of risk that can be diversified away by holding Shagrir Group Vehicle and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Shagrir Group 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 Shagrir Group Vehicle are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Shagrir Group i.e., Shagrir Group and Apple go up and down completely randomly.
Pair Corralation between Shagrir Group and Apple
Assuming the 90 days trading horizon Shagrir Group Vehicle is expected to generate 2.16 times more return on investment than Apple. However, Shagrir Group is 2.16 times more volatile than Apple Inc. It trades about 0.06 of its potential returns per unit of risk. Apple Inc is currently generating about 0.01 per unit of risk. If you would invest 73,000 in Shagrir Group Vehicle on January 19, 2024 and sell it today you would earn a total of 20,340 from holding Shagrir Group Vehicle or generate 27.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 80.72% |
| Values | Daily Returns |
Shagrir Group Vehicle vs. Apple Inc
Performance |
| Timeline |
| Shagrir Group Vehicle |
| Apple Inc |
Shagrir Group and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shagrir Group and Apple
The main advantage of trading using opposite Shagrir Group and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shagrir Group position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| Shagrir Group vs. EN Shoham Business | Shagrir Group vs. Accel Solutions Group | Shagrir Group vs. Mivtach Shamir | Shagrir Group vs. Rani Zim Shopping |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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