Correlation Between Intelicanna and Shagrir Group
Can any of the company-specific risk be diversified away by investing in both Intelicanna and Shagrir Group 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 Intelicanna and Shagrir Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intelicanna and Shagrir Group Vehicle, you can compare the effects of market volatilities on Intelicanna and Shagrir 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 Intelicanna with a short position of Shagrir Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intelicanna and Shagrir Group.
Diversification Opportunities for Intelicanna and Shagrir Group
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Intelicanna and Shagrir is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Intelicanna and Shagrir Group Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shagrir Group Vehicle and Intelicanna 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 Intelicanna are associated (or correlated) with Shagrir Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shagrir Group Vehicle has no effect on the direction of Intelicanna i.e., Intelicanna and Shagrir Group go up and down completely randomly.
Pair Corralation between Intelicanna and Shagrir Group
Assuming the 90 days trading horizon Intelicanna is expected to under-perform the Shagrir Group. In addition to that, Intelicanna is 3.38 times more volatile than Shagrir Group Vehicle. It trades about -0.19 of its total potential returns per unit of risk. Shagrir Group Vehicle is currently generating about -0.05 per unit of volatility. If you would invest 96,000 in Shagrir Group Vehicle on January 19, 2024 and sell it today you would lose (2,660) from holding Shagrir Group Vehicle or give up 2.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intelicanna vs. Shagrir Group Vehicle
Performance |
| Timeline |
| Intelicanna |
| Shagrir Group Vehicle |
Intelicanna and Shagrir Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intelicanna and Shagrir Group
The main advantage of trading using opposite Intelicanna and Shagrir Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intelicanna position performs unexpectedly, Shagrir Group 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 Shagrir Group will offset losses from the drop in Shagrir Group's long position.| Intelicanna vs. EN Shoham Business | Intelicanna vs. Accel Solutions Group | Intelicanna vs. Mivtach Shamir | Intelicanna vs. Rani Zim Shopping |
| 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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