Correlation Between Enad Global and Adventure Box
Can any of the company-specific risk be diversified away by investing in both Enad Global and Adventure Box 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 Enad Global and Adventure Box into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enad Global 7 and Adventure Box Technology, you can compare the effects of market volatilities on Enad Global and Adventure Box 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 Enad Global with a short position of Adventure Box. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enad Global and Adventure Box.
Diversification Opportunities for Enad Global and Adventure Box
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enad and Adventure is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Enad Global 7 and Adventure Box Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adventure Box Technology and Enad Global 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 Enad Global 7 are associated (or correlated) with Adventure Box. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adventure Box Technology has no effect on the direction of Enad Global i.e., Enad Global and Adventure Box go up and down completely randomly.
Pair Corralation between Enad Global and Adventure Box
Assuming the 90 days trading horizon Enad Global 7 is expected to generate 0.16 times more return on investment than Adventure Box. However, Enad Global 7 is 6.35 times less risky than Adventure Box. It trades about 0.06 of its potential returns per unit of risk. Adventure Box Technology is currently generating about 0.0 per unit of risk. If you would invest 1,208 in Enad Global 7 on April 24, 2025 and sell it today you would earn a total of 114.00 from holding Enad Global 7 or generate 9.44% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 98.36% |
Values | Daily Returns |
Enad Global 7 vs. Adventure Box Technology
Performance |
Timeline |
Enad Global 7 |
Adventure Box Technology |
Enad Global and Adventure Box Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Enad Global and Adventure Box
The main advantage of trading using opposite Enad Global and Adventure Box positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enad Global position performs unexpectedly, Adventure Box 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 Adventure Box will offset losses from the drop in Adventure Box's long position.Enad Global vs. Stillfront Group AB | Enad Global vs. Embracer Group AB | Enad Global vs. G5 Entertainment publ | Enad Global vs. Sinch AB |
Adventure Box vs. Starbreeze AB | Adventure Box vs. Gravity Co | Adventure Box vs. Catena Media plc | Adventure Box vs. Kambi Group PLC |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |