Correlation Between Grupo Televisa and Aditxt

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

Diversification Opportunities for Grupo Televisa and Aditxt

-0.09
  Correlation Coefficient

Good diversification

The 3 months correlation between Grupo and Aditxt is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Televisa SAB and Aditxt Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aditxt Inc and Grupo Televisa 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 Grupo Televisa SAB are associated (or correlated) with Aditxt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aditxt Inc has no effect on the direction of Grupo Televisa i.e., Grupo Televisa and Aditxt go up and down completely randomly.

Pair Corralation between Grupo Televisa and Aditxt

Allowing for the 90-day total investment horizon Grupo Televisa SAB is expected to generate 0.41 times more return on investment than Aditxt. However, Grupo Televisa SAB is 2.41 times less risky than Aditxt. It trades about -0.11 of its potential returns per unit of risk. Aditxt Inc is currently generating about -0.28 per unit of risk. If you would invest  308.00  in Grupo Televisa SAB on January 23, 2024 and sell it today you would lose (18.00) from holding Grupo Televisa SAB or give up 5.84% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy95.24%
ValuesDaily Returns

Grupo Televisa SAB  vs.  Aditxt Inc

 Performance 
       Timeline  
Grupo Televisa SAB 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Grupo Televisa SAB has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, Grupo Televisa is not utilizing all of its potentials. The current stock price fuss, may contribute to near-short-term losses for the sophisticated investors.
Aditxt Inc 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Aditxt Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in May 2024. The current disturbance may also be a sign of long term up-swing for the company investors.

Grupo Televisa and Aditxt Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Grupo Televisa and Aditxt

The main advantage of trading using opposite Grupo Televisa and Aditxt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Televisa position performs unexpectedly, Aditxt 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 Aditxt will offset losses from the drop in Aditxt's long position.
The idea behind Grupo Televisa SAB and Aditxt Inc 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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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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.

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