Correlation Between Austevoll Seafood and Batm Advanced

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Austevoll Seafood and Batm Advanced 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 Austevoll Seafood and Batm Advanced into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Austevoll Seafood ASA and Batm Advanced Communications, you can compare the effects of market volatilities on Austevoll Seafood and Batm Advanced 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 Austevoll Seafood with a short position of Batm Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Austevoll Seafood and Batm Advanced.

Diversification Opportunities for Austevoll Seafood and Batm Advanced

AustevollBatmDiversified AwayAustevollBatmDiversified Away100%
-0.09
  Correlation Coefficient

Good diversification

The 3 months correlation between Austevoll and Batm is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Austevoll Seafood ASA and Batm Advanced Communications in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Batm Advanced Commun and Austevoll Seafood 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 Austevoll Seafood ASA are associated (or correlated) with Batm Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Batm Advanced Commun has no effect on the direction of Austevoll Seafood i.e., Austevoll Seafood and Batm Advanced go up and down completely randomly.

Pair Corralation between Austevoll Seafood and Batm Advanced

Assuming the 90 days trading horizon Austevoll Seafood ASA is expected to generate 0.57 times more return on investment than Batm Advanced. However, Austevoll Seafood ASA is 1.75 times less risky than Batm Advanced. It trades about 0.03 of its potential returns per unit of risk. Batm Advanced Communications is currently generating about 0.0 per unit of risk. If you would invest  8,539  in Austevoll Seafood ASA on December 4, 2024 and sell it today you would earn a total of  1,931  from holding Austevoll Seafood ASA or generate 22.61% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Austevoll Seafood ASA  vs.  Batm Advanced Communications

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -10-50510
JavaScript chart by amCharts 3.21.150DNW BVC
       Timeline  
Austevoll Seafood ASA 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Austevoll Seafood ASA are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable basic indicators, Austevoll Seafood is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.
JavaScript chart by amCharts 3.21.15JanFebFebMar95100105110
Batm Advanced Commun 

Risk-Adjusted Performance

Weak

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Batm Advanced Communications are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound technical and fundamental indicators, Batm Advanced is not utilizing all of its potentials. The newest stock price tumult, may contribute to shorter-term losses for the shareholders.
JavaScript chart by amCharts 3.21.15JanFebFebMar16.51717.51818.51919.5

Austevoll Seafood and Batm Advanced Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-4.12-3.09-2.05-1.020.01.052.113.184.25 0.050.100.150.20
JavaScript chart by amCharts 3.21.150DNW BVC
       Returns  

Pair Trading with Austevoll Seafood and Batm Advanced

The main advantage of trading using opposite Austevoll Seafood and Batm Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Austevoll Seafood position performs unexpectedly, Batm Advanced 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 Batm Advanced will offset losses from the drop in Batm Advanced's long position.
The idea behind Austevoll Seafood ASA and Batm Advanced Communications 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.
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.

Other Complementary Tools

Analyst Advice
Analyst recommendations and target price estimates broken down by several categories
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities
ETFs
Find actively traded Exchange Traded Funds (ETF) from around the world
Odds Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years