Correlation Between Cellnex Telecom and Fidere Patrimonio

Can any of the company-specific risk be diversified away by investing in both Cellnex Telecom and Fidere Patrimonio 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 Cellnex Telecom and Fidere Patrimonio into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Cellnex Telecom SA and Fidere Patrimonio SOCIMI, you can compare the effects of market volatilities on Cellnex Telecom and Fidere Patrimonio 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 Cellnex Telecom with a short position of Fidere Patrimonio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellnex Telecom and Fidere Patrimonio.

Diversification Opportunities for Cellnex Telecom and Fidere Patrimonio

-0.79

Correlation Coefficient

Cellnex Telecom  Fidere Patrimonio

Pay attention - limited upside

The 3 months correlation between Cellnex and Fidere is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Cellnex Telecom SA and Fidere Patrimonio SOCIMI in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidere Patrimonio SOCIMI and Cellnex Telecom 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 Cellnex Telecom SA are associated (or correlated) with Fidere Patrimonio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidere Patrimonio SOCIMI has no effect on the direction of Cellnex Telecom i.e., Cellnex Telecom and Fidere Patrimonio go up and down completely randomly.

Pair Corralation between Cellnex Telecom and Fidere Patrimonio

Assuming the 90 days trading horizon Cellnex Telecom SA is expected to under-perform the Fidere Patrimonio. In addition to that, Cellnex Telecom is 1.36 times more volatile than Fidere Patrimonio SOCIMI. It trades about -0.05 of its total potential returns per unit of risk. Fidere Patrimonio SOCIMI is currently generating about 0.27 per unit of volatility. If you would invest  2,940  in Fidere Patrimonio SOCIMI on April 25, 2025 and sell it today you would earn a total of  460.00  from holding Fidere Patrimonio SOCIMI or generate 15.65% return on investment over 90 days.

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

Cellnex Telecom SA  vs.  Fidere Patrimonio SOCIMI

Cellnex Telecom SA

Risk-Adjusted Performance

Very Weak

Over the last 90 days Cellnex Telecom SA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental indicators, Cellnex Telecom is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Fidere Patrimonio SOCIMI

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Fidere Patrimonio SOCIMI are ranked lower than 21 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, Fidere Patrimonio exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Cellnex Telecom and Fidere Patrimonio

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

The idea behind Cellnex Telecom SA and Fidere Patrimonio SOCIMI 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.