Correlation Between TENCENT HOLDINGS and Multi Manager

By analyzing existing cross correlation between TENCENT HOLDINGS LIMITED and Multi Manager Inv, you can compare the effects of market volatilities on TENCENT HOLDINGS and Multi Manager 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 TENCENT HOLDINGS with a short position of Multi Manager. Check out your portfolio center. Please also check ongoing floating volatility patterns of TENCENT HOLDINGS and Multi Manager.

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Can any of the company-specific risk be diversified away by investing in both TENCENT HOLDINGS and Multi Manager 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 TENCENT HOLDINGS and Multi Manager into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for TENCENT HOLDINGS and Multi Manager

-0.13
  Correlation Coefficient
TENCENT HOLDINGS
Multi Manager Inv

Good diversification

The 3 months correlation between TENCENT and Multi is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding TENCENT HOLDINGS LIMITED and Multi Manager Inv Globale Valu in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Multi Manager Inv and TENCENT HOLDINGS 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 TENCENT HOLDINGS LIMITED are associated (or correlated) with Multi Manager. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Multi Manager Inv has no effect on the direction of TENCENT HOLDINGS i.e. TENCENT HOLDINGS and Multi Manager go up and down completely randomly.

Pair Corralation between TENCENT HOLDINGS and Multi Manager

If you would invest  4,879  in TENCENT HOLDINGS LIMITED on June 8, 2020 and sell it today you would earn a total of  1,771  from holding TENCENT HOLDINGS LIMITED or generate 36.3% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

TENCENT HOLDINGS LIMITED  vs.  Multi Manager Inv Globale Valu

 Performance (%) 
      Timeline 
TENCENT HOLDINGS 
1212

TENCENT HOLDINGS Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in TENCENT HOLDINGS LIMITED are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. In spite of fairly weak basic indicators, TENCENT HOLDINGS showed solid returns over the last few months and may actually be approaching a breakup point.
Multi Manager Inv 
00

Multi Manager Risk-Adjusted Performance

Over the last 30 days Multi Manager Inv has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Multi Manager is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

TENCENT HOLDINGS and Multi Manager Volatility Contrast

 Predicted Return Density 
      Returns 
Check out your portfolio center. Please also try Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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