Correlation Between Footway Group and G5 Entertainment
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By analyzing existing cross correlation between Footway Group AB and G5 Entertainment publ, you can compare the effects of market volatilities on Footway Group and G5 Entertainment 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 Footway Group with a short position of G5 Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Footway Group and G5 Entertainment.
Diversification Opportunities for Footway Group and G5 Entertainment
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Footway and G5EN is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Footway Group AB and G5 Entertainment publ in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G5 Entertainment publ and Footway Group 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 Footway Group AB are associated (or correlated) with G5 Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G5 Entertainment publ has no effect on the direction of Footway Group i.e., Footway Group and G5 Entertainment go up and down completely randomly.
Pair Corralation between Footway Group and G5 Entertainment
Assuming the 90 days trading horizon Footway Group AB is expected to generate 3.55 times more return on investment than G5 Entertainment. However, Footway Group is 3.55 times more volatile than G5 Entertainment publ. It trades about 0.07 of its potential returns per unit of risk. G5 Entertainment publ is currently generating about 0.12 per unit of risk. If you would invest 2,420 in Footway Group AB on September 6, 2024 and sell it today you would earn a total of 480.00 from holding Footway Group AB or generate 19.83% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Footway Group AB vs. G5 Entertainment publ
Performance |
Timeline |
Footway Group AB |
G5 Entertainment publ |
Footway Group and G5 Entertainment Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Footway Group and G5 Entertainment
The main advantage of trading using opposite Footway Group and G5 Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Footway Group position performs unexpectedly, G5 Entertainment 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 G5 Entertainment will offset losses from the drop in G5 Entertainment's long position.Footway Group vs. USWE Sports AB | Footway Group vs. Scandinavian ChemoTech AB | Footway Group vs. I Tech | Footway Group vs. G5 Entertainment publ |
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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 the Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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