Correlation Between Cobas Global and Swedbank Robur
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By analyzing existing cross correlation between Cobas Global PP and Swedbank Robur Corporate, you can compare the effects of market volatilities on Cobas Global 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 Cobas Global with a short position of Swedbank Robur. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cobas Global and Swedbank Robur.
Diversification Opportunities for Cobas Global and Swedbank Robur
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cobas and Swedbank is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Cobas Global PP 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 Cobas Global 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 Cobas Global PP 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 Cobas Global i.e., Cobas Global and Swedbank Robur go up and down completely randomly.
Pair Corralation between Cobas Global and Swedbank Robur
Assuming the 90 days trading horizon Cobas Global PP is expected to generate 4.61 times more return on investment than Swedbank Robur. However, Cobas Global is 4.61 times more volatile than Swedbank Robur Corporate. It trades about 0.29 of its potential returns per unit of risk. Swedbank Robur Corporate is currently generating about 0.45 per unit of risk. If you would invest 11,763 in Cobas Global PP on September 13, 2024 and sell it today you would earn a total of 403.00 from holding Cobas Global PP or generate 3.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Cobas Global PP vs. Swedbank Robur Corporate
Performance |
| Timeline |
| Cobas Global PP |
| Swedbank Robur Corporate |
Cobas Global and Swedbank Robur Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cobas Global and Swedbank Robur
The main advantage of trading using opposite Cobas Global and Swedbank Robur positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cobas Global 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.| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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