Correlation Between HP and Autogrill SpA

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Can any of the company-specific risk be diversified away by investing in both HP and Autogrill SpA 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 HP and Autogrill SpA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HP Inc and Autogrill SpA, you can compare the effects of market volatilities on HP and Autogrill SpA 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 HP with a short position of Autogrill SpA. Check out your portfolio center. Please also check ongoing floating volatility patterns of HP and Autogrill SpA.

Diversification Opportunities for HP and Autogrill SpA

  Correlation Coefficient

Excellent diversification

The 3 months correlation between HP and Autogrill is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding HP Inc and Autogrill SpA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autogrill SpA and HP 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 HP Inc are associated (or correlated) with Autogrill SpA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autogrill SpA has no effect on the direction of HP i.e., HP and Autogrill SpA go up and down completely randomly.

Pair Corralation between HP and Autogrill SpA

If you would invest  666.00  in Autogrill SpA on December 29, 2022 and sell it today you would earn a total of  0.00  from holding Autogrill SpA or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
ValuesDaily Returns

HP Inc  vs.  Autogrill SpA

 Performance (%) 
HP Inc 

HP Performance

4 of 100

Compared to the overall equity markets, risk-adjusted returns on investments in HP Inc are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Even with relatively inconsistent basic indicators, HP may actually be approaching a critical reversion point that can send shares even higher in April 2023.
Autogrill SpA 

Autogrill Performance

0 of 100

Over the last 90 days Autogrill SpA has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Autogrill SpA is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholders.

HP and Autogrill SpA Volatility Contrast

   Predicted Return Density   

Pair Trading with HP and Autogrill SpA

The main advantage of trading using opposite HP and Autogrill SpA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HP position performs unexpectedly, Autogrill SpA 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 Autogrill SpA will offset losses from the drop in Autogrill SpA's long position.
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The idea behind HP Inc and Autogrill SpA pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.

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