Correlation Between ACCSYS TECHPLC and BB Biotech
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By analyzing existing cross correlation between ACCSYS TECHPLC EO and BB Biotech AG, you can compare the effects of market volatilities on ACCSYS TECHPLC and BB Biotech 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 ACCSYS TECHPLC with a short position of BB Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACCSYS TECHPLC and BB Biotech.
Diversification Opportunities for ACCSYS TECHPLC and BB Biotech
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between ACCSYS and BBZA is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding ACCSYS TECHPLC EO and BB Biotech AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BB Biotech AG and ACCSYS TECHPLC 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 ACCSYS TECHPLC EO are associated (or correlated) with BB Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BB Biotech AG has no effect on the direction of ACCSYS TECHPLC i.e., ACCSYS TECHPLC and BB Biotech go up and down completely randomly.
Pair Corralation between ACCSYS TECHPLC and BB Biotech
Assuming the 90 days horizon ACCSYS TECHPLC EO is expected to generate 1.85 times more return on investment than BB Biotech. However, ACCSYS TECHPLC is 1.85 times more volatile than BB Biotech AG. It trades about 0.01 of its potential returns per unit of risk. BB Biotech AG is currently generating about -0.2 per unit of risk. If you would invest 55.00 in ACCSYS TECHPLC EO on September 14, 2024 and sell it today you would earn a total of 0.00 from holding ACCSYS TECHPLC EO or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ACCSYS TECHPLC EO vs. BB Biotech AG
Performance |
| Timeline |
| ACCSYS TECHPLC EO |
| BB Biotech AG |
ACCSYS TECHPLC and BB Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACCSYS TECHPLC and BB Biotech
The main advantage of trading using opposite ACCSYS TECHPLC and BB Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACCSYS TECHPLC position performs unexpectedly, BB Biotech 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 BB Biotech will offset losses from the drop in BB Biotech's long position.| ACCSYS TECHPLC vs. Superior Plus Corp | ACCSYS TECHPLC vs. SIVERS SEMICONDUCTORS AB | ACCSYS TECHPLC vs. NorAm Drilling AS | ACCSYS TECHPLC vs. Norsk Hydro ASA |
| BB Biotech vs. PennantPark Investment | BB Biotech vs. HF FOODS GRP | BB Biotech vs. Gladstone Investment | BB Biotech vs. SEI INVESTMENTS |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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