Correlation Between Esfera Robotics and Swedbank Robur
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By analyzing existing cross correlation between Esfera Robotics R and Swedbank Robur Corporate, you can compare the effects of market volatilities on Esfera Robotics 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 Esfera Robotics with a short position of Swedbank Robur. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esfera Robotics and Swedbank Robur.
Diversification Opportunities for Esfera Robotics and Swedbank Robur
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Esfera and Swedbank is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Esfera Robotics R 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 Esfera Robotics 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 Esfera Robotics R 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 Esfera Robotics i.e., Esfera Robotics and Swedbank Robur go up and down completely randomly.
Pair Corralation between Esfera Robotics and Swedbank Robur
Assuming the 90 days trading horizon Esfera Robotics R is expected to under-perform the Swedbank Robur. In addition to that, Esfera Robotics is 6.34 times more volatile than Swedbank Robur Corporate. It trades about -0.09 of its total potential returns per unit of risk. Swedbank Robur Corporate is currently generating about -0.37 per unit of volatility. If you would invest 984.00 in Swedbank Robur Corporate on October 7, 2024 and sell it today you would lose (9.00) from holding Swedbank Robur Corporate or give up 0.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 94.12% |
| Values | Daily Returns |
Esfera Robotics R vs. Swedbank Robur Corporate
Performance |
| Timeline |
| Esfera Robotics R |
| Swedbank Robur Corporate |
Esfera Robotics and Swedbank Robur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Esfera Robotics and Swedbank Robur
The main advantage of trading using opposite Esfera Robotics and Swedbank Robur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esfera Robotics 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.| Esfera Robotics vs. Superior Plus Corp | Esfera Robotics vs. Origin Agritech | Esfera Robotics vs. Identiv | Esfera Robotics vs. INTUITIVE SURGICAL |
| 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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