Correlation Between Codere Online and Complete Fin

Can any of the company-specific risk be diversified away by investing in both Codere Online and Complete Fin 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 Codere Online and Complete Fin into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Codere Online Luxembourg and Complete Fin Solu, you can compare the effects of market volatilities on Codere Online and Complete Fin 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 Codere Online with a short position of Complete Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Codere Online and Complete Fin.

Diversification Opportunities for Codere Online and Complete Fin

-0.03

Correlation Coefficient

Codere Online  Complete Fin

Good diversification

The 3 months correlation between Codere and Complete is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Codere Online Luxembourg and Complete Fin Solu in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Complete Fin Solu and Codere Online 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 Codere Online Luxembourg are associated (or correlated) with Complete Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Complete Fin Solu has no effect on the direction of Codere Online i.e., Codere Online and Complete Fin go up and down completely randomly.

Pair Corralation between Codere Online and Complete Fin

Assuming the 90 days horizon Codere Online is expected to generate 2.84 times less return on investment than Complete Fin. But when comparing it to its historical volatility, Codere Online Luxembourg is 4.76 times less risky than Complete Fin. It trades about 0.21 of its potential returns per unit of risk. Complete Fin Solu is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  8.40  in Complete Fin Solu on June 16, 2025 and sell it today you would earn a total of  5.60  from holding Complete Fin Solu or generate 66.67% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	73.44%
Values	Daily Returns

Codere Online Luxembourg  vs.  Complete Fin Solu

Codere Online Luxembourg

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Codere Online Luxembourg are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of fairly abnormal basic indicators, Codere Online showed solid returns over the last few months and may actually be approaching a breakup point.

Complete Fin Solu

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Complete Fin Solu are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively weak basic indicators, Complete Fin unveiled solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Codere Online and Complete Fin

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

The idea behind Codere Online Luxembourg and Complete Fin Solu 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..