Correlation Between ATRYS HEALTH and Hollywood Bowl
Can any of the company-specific risk be diversified away by investing in both ATRYS HEALTH and Hollywood Bowl 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 ATRYS HEALTH and Hollywood Bowl into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ATRYS HEALTH SA and Hollywood Bowl Group, you can compare the effects of market volatilities on ATRYS HEALTH and Hollywood Bowl 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 ATRYS HEALTH with a short position of Hollywood Bowl. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATRYS HEALTH and Hollywood Bowl.
Diversification Opportunities for ATRYS HEALTH and Hollywood Bowl
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ATRYS and Hollywood is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding ATRYS HEALTH SA and Hollywood Bowl Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hollywood Bowl Group and ATRYS HEALTH 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 ATRYS HEALTH SA are associated (or correlated) with Hollywood Bowl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hollywood Bowl Group has no effect on the direction of ATRYS HEALTH i.e., ATRYS HEALTH and Hollywood Bowl go up and down completely randomly.
Pair Corralation between ATRYS HEALTH and Hollywood Bowl
Assuming the 90 days horizon ATRYS HEALTH SA is expected to generate 1.23 times more return on investment than Hollywood Bowl. However, ATRYS HEALTH is 1.23 times more volatile than Hollywood Bowl Group. It trades about 0.03 of its potential returns per unit of risk. Hollywood Bowl Group is currently generating about -0.02 per unit of risk. If you would invest 293.00 in ATRYS HEALTH SA on September 23, 2024 and sell it today you would earn a total of 8.00 from holding ATRYS HEALTH SA or generate 2.73% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
ATRYS HEALTH SA vs. Hollywood Bowl Group
Performance |
Timeline |
ATRYS HEALTH SA |
Hollywood Bowl Group |
ATRYS HEALTH and Hollywood Bowl Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ATRYS HEALTH and Hollywood Bowl
The main advantage of trading using opposite ATRYS HEALTH and Hollywood Bowl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATRYS HEALTH position performs unexpectedly, Hollywood Bowl 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 Hollywood Bowl will offset losses from the drop in Hollywood Bowl's long position.ATRYS HEALTH vs. Q2M Managementberatung AG | ATRYS HEALTH vs. HF FOODS GRP | ATRYS HEALTH vs. PT Indofood Sukses | ATRYS HEALTH vs. ASSOC BR FOODS |
Hollywood Bowl vs. Booking Holdings | Hollywood Bowl vs. ANTA Sports Products | Hollywood Bowl vs. Li Ning Company | Hollywood Bowl vs. Trip Group Limited |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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