Correlation Between Swift Haulage and Aurelius Technologies
Can any of the company-specific risk be diversified away by investing in both Swift Haulage and Aurelius Technologies 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 Swift Haulage and Aurelius Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Swift Haulage Bhd and Aurelius Technologies Bhd, you can compare the effects of market volatilities on Swift Haulage and Aurelius Technologies 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 Swift Haulage with a short position of Aurelius Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Swift Haulage and Aurelius Technologies.
Diversification Opportunities for Swift Haulage and Aurelius Technologies
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Swift and Aurelius is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Swift Haulage Bhd and Aurelius Technologies Bhd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aurelius Technologies Bhd and Swift Haulage 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 Swift Haulage Bhd are associated (or correlated) with Aurelius Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aurelius Technologies Bhd has no effect on the direction of Swift Haulage i.e., Swift Haulage and Aurelius Technologies go up and down completely randomly.
Pair Corralation between Swift Haulage and Aurelius Technologies
Assuming the 90 days trading horizon Swift Haulage Bhd is expected to under-perform the Aurelius Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Swift Haulage Bhd is 1.03 times less risky than Aurelius Technologies. The stock trades about -0.03 of its potential returns per unit of risk. The Aurelius Technologies Bhd is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 279.00 in Aurelius Technologies Bhd on September 4, 2024 and sell it today you would earn a total of 19.00 from holding Aurelius Technologies Bhd or generate 6.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Swift Haulage Bhd vs. Aurelius Technologies Bhd
Performance |
| Timeline |
| Swift Haulage Bhd |
| Aurelius Technologies Bhd |
Swift Haulage and Aurelius Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Swift Haulage and Aurelius Technologies
The main advantage of trading using opposite Swift Haulage and Aurelius Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Swift Haulage position performs unexpectedly, Aurelius Technologies 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 Aurelius Technologies will offset losses from the drop in Aurelius Technologies' long position.| Swift Haulage vs. Malayan Banking Bhd | Swift Haulage vs. Public Bank Bhd | Swift Haulage vs. Petronas Chemicals Group | Swift Haulage vs. Tenaga Nasional Bhd |
| Aurelius Technologies vs. Kobay Tech Bhd | Aurelius Technologies vs. Sunzen Biotech Bhd | Aurelius Technologies vs. Homeritz Bhd | Aurelius Technologies vs. Mycron Steel Bhd |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |