Correlation Between Agilent Technologies and PLAYTIKA HOLDING

Can any of the company-specific risk be diversified away by investing in both Agilent Technologies and PLAYTIKA HOLDING 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 Agilent Technologies and PLAYTIKA HOLDING into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Agilent Technologies and PLAYTIKA HOLDING DL 01, you can compare the effects of market volatilities on Agilent Technologies and PLAYTIKA HOLDING 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 Agilent Technologies with a short position of PLAYTIKA HOLDING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and PLAYTIKA HOLDING.

Diversification Opportunities for Agilent Technologies and PLAYTIKA HOLDING

-0.35

Correlation Coefficient

Agilent Technologies  PLAYTIKA HOLDING

Very good diversification

The 3 months correlation between Agilent and PLAYTIKA is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies and PLAYTIKA HOLDING DL 01 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLAYTIKA HOLDING and Agilent Technologies 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 Agilent Technologies are associated (or correlated) with PLAYTIKA HOLDING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLAYTIKA HOLDING has no effect on the direction of Agilent Technologies i.e., Agilent Technologies and PLAYTIKA HOLDING go up and down completely randomly.

Pair Corralation between Agilent Technologies and PLAYTIKA HOLDING

Assuming the 90 days horizon Agilent Technologies is expected to under-perform the PLAYTIKA HOLDING. But the stock apears to be less risky and, when comparing its historical volatility, Agilent Technologies is 1.12 times less risky than PLAYTIKA HOLDING. The stock trades about -0.05 of its potential returns per unit of risk. The PLAYTIKA HOLDING DL 01 is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  376.00  in PLAYTIKA HOLDING DL 01 on April 22, 2025 and sell it today you would earn a total of  14.00  from holding PLAYTIKA HOLDING DL 01 or generate 3.72% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Agilent Technologies  vs.  PLAYTIKA HOLDING DL 01

Agilent Technologies

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite nearly unfluctuating basic indicators, Agilent Technologies may actually be approaching a critical reversion point that can send shares even higher in August 2025.

PLAYTIKA HOLDING

Risk-Adjusted Performance

Very Weak

Over the last 90 days PLAYTIKA HOLDING DL 01 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, PLAYTIKA HOLDING is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with Agilent Technologies and PLAYTIKA HOLDING

The main advantage of trading using opposite Agilent Technologies and PLAYTIKA HOLDING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilent Technologies position performs unexpectedly, PLAYTIKA HOLDING 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 PLAYTIKA HOLDING will offset losses from the drop in PLAYTIKA HOLDING's long position.

The idea behind Agilent Technologies and PLAYTIKA HOLDING DL 01 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.