Correlation Between Cnova NV and AKA Brands
Can any of the company-specific risk be diversified away by investing in both Cnova NV and AKA Brands 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 Cnova NV and AKA Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cnova NV and AKA Brands Holding, you can compare the effects of market volatilities on Cnova NV and AKA Brands 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 Cnova NV with a short position of AKA Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cnova NV and AKA Brands.
Diversification Opportunities for Cnova NV and AKA Brands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cnova and AKA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cnova NV and AKA Brands Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AKA Brands Holding and Cnova NV 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 Cnova NV are associated (or correlated) with AKA Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AKA Brands Holding has no effect on the direction of Cnova NV i.e., Cnova NV and AKA Brands go up and down completely randomly.
Pair Corralation between Cnova NV and AKA Brands
If you would invest 2,040 in AKA Brands Holding on September 6, 2024 and sell it today you would earn a total of 92.00 from holding AKA Brands Holding or generate 4.51% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 7.27% |
Values | Daily Returns |
Cnova NV vs. AKA Brands Holding
Performance |
Timeline |
Cnova NV |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AKA Brands Holding |
Cnova NV and AKA Brands Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cnova NV and AKA Brands
The main advantage of trading using opposite Cnova NV and AKA Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cnova NV position performs unexpectedly, AKA Brands 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 AKA Brands will offset losses from the drop in AKA Brands' long position.Cnova NV vs. ZALANDO SE ADR | Cnova NV vs. Meiwu Technology Co | Cnova NV vs. Alibaba Group Holding | Cnova NV vs. PDD Holdings |
AKA Brands vs. Brilliant Earth Group | AKA Brands vs. Lulus Fashion Lounge | AKA Brands vs. Torrid Holdings | AKA Brands vs. Aveanna Healthcare Holdings |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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