Correlation Between Sonder Holdings and Codere Online
Can any of the company-specific risk be diversified away by investing in both Sonder Holdings and Codere Online 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 Sonder Holdings and Codere Online into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sonder Holdings and Codere Online Luxembourg, you can compare the effects of market volatilities on Sonder Holdings and Codere Online 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 Sonder Holdings with a short position of Codere Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sonder Holdings and Codere Online.
Diversification Opportunities for Sonder Holdings and Codere Online
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sonder and Codere is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Sonder Holdings and Codere Online Luxembourg in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Codere Online Luxembourg and Sonder Holdings 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 Sonder Holdings are associated (or correlated) with Codere Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Codere Online Luxembourg has no effect on the direction of Sonder Holdings i.e., Sonder Holdings and Codere Online go up and down completely randomly.
Pair Corralation between Sonder Holdings and Codere Online
Given the investment horizon of 90 days Sonder Holdings is expected to under-perform the Codere Online. In addition to that, Sonder Holdings is 3.83 times more volatile than Codere Online Luxembourg. It trades about -0.2 of its total potential returns per unit of risk. Codere Online Luxembourg is currently generating about -0.21 per unit of volatility. If you would invest 102.00 in Codere Online Luxembourg on August 14, 2025 and sell it today you would lose (29.00) from holding Codere Online Luxembourg or give up 28.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 64.06% |
| Values | Daily Returns |
Sonder Holdings vs. Codere Online Luxembourg
Performance |
| Timeline |
| Sonder Holdings |
| Codere Online Luxembourg |
Sonder Holdings and Codere Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sonder Holdings and Codere Online
The main advantage of trading using opposite Sonder Holdings and Codere Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sonder Holdings position performs unexpectedly, Codere Online 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 Codere Online will offset losses from the drop in Codere Online's long position.| Sonder Holdings vs. DSS Inc | Sonder Holdings vs. Cenntro Electric Group | Sonder Holdings vs. YY Group Holding | Sonder Holdings vs. Reborn Coffee |
| Codere Online vs. NextTrip | Codere Online vs. Rave Restaurant Group | Codere Online vs. Westport Fuel Systems | Codere Online vs. High Roller Technologies, |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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