Correlation Between Renaissance Europe and Swedbank Robur
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By analyzing existing cross correlation between Renaissance Europe C and Swedbank Robur Corporate, you can compare the effects of market volatilities on Renaissance Europe and Swedbank Robur 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 Renaissance Europe with a short position of Swedbank Robur. Check out your portfolio center. Please also check ongoing floating volatility patterns of Renaissance Europe and Swedbank Robur.
Diversification Opportunities for Renaissance Europe and Swedbank Robur
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Renaissance and Swedbank is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Renaissance Europe C and Swedbank Robur Corporate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Swedbank Robur Corporate and Renaissance Europe 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 Renaissance Europe C are associated (or correlated) with Swedbank Robur. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Swedbank Robur Corporate has no effect on the direction of Renaissance Europe i.e., Renaissance Europe and Swedbank Robur go up and down completely randomly.
Pair Corralation between Renaissance Europe and Swedbank Robur
Assuming the 90 days trading horizon Renaissance Europe is expected to generate 1.07 times less return on investment than Swedbank Robur. In addition to that, Renaissance Europe is 4.02 times more volatile than Swedbank Robur Corporate. It trades about 0.04 of its total potential returns per unit of risk. Swedbank Robur Corporate is currently generating about 0.19 per unit of volatility. If you would invest 889.00 in Swedbank Robur Corporate on September 14, 2024 and sell it today you would earn a total of 97.00 from holding Swedbank Robur Corporate or generate 10.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.63% |
| Values | Daily Returns |
Renaissance Europe C vs. Swedbank Robur Corporate
Performance |
| Timeline |
| Renaissance Europe |
| Swedbank Robur Corporate |
Renaissance Europe and Swedbank Robur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Renaissance Europe and Swedbank Robur
The main advantage of trading using opposite Renaissance Europe and Swedbank Robur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Renaissance Europe position performs unexpectedly, Swedbank Robur 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 Swedbank Robur will offset losses from the drop in Swedbank Robur's long position.| Renaissance Europe vs. Echiquier Major SRI | Renaissance Europe vs. Cap ISR Actions | Renaissance Europe vs. Superior Plus Corp | Renaissance Europe vs. Origin Agritech |
| Swedbank Robur vs. Groupama Entreprises N | Swedbank Robur vs. Renaissance Europe C | Swedbank Robur vs. Superior Plus Corp | Swedbank Robur vs. Origin Agritech |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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