Correlation Between AcadeMedia and High Coast
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By analyzing existing cross correlation between AcadeMedia AB and High Coast Distillery, you can compare the effects of market volatilities on AcadeMedia and High Coast 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 AcadeMedia with a short position of High Coast. Check out your portfolio center. Please also check ongoing floating volatility patterns of AcadeMedia and High Coast.
Diversification Opportunities for AcadeMedia and High Coast
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AcadeMedia and High is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding AcadeMedia AB and High Coast Distillery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on High Coast Distillery and AcadeMedia 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 AcadeMedia AB are associated (or correlated) with High Coast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of High Coast Distillery has no effect on the direction of AcadeMedia i.e., AcadeMedia and High Coast go up and down completely randomly.
Pair Corralation between AcadeMedia and High Coast
Assuming the 90 days trading horizon AcadeMedia AB is expected to generate 0.52 times more return on investment than High Coast. However, AcadeMedia AB is 1.92 times less risky than High Coast. It trades about 0.05 of its potential returns per unit of risk. High Coast Distillery is currently generating about 0.0 per unit of risk. If you would invest 4,561 in AcadeMedia AB on September 2, 2024 and sell it today you would earn a total of 1,399 from holding AcadeMedia AB or generate 30.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AcadeMedia AB vs. High Coast Distillery
Performance |
| Timeline |
| AcadeMedia AB |
| High Coast Distillery |
AcadeMedia and High Coast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AcadeMedia and High Coast
The main advantage of trading using opposite AcadeMedia and High Coast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AcadeMedia position performs unexpectedly, High Coast 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 High Coast will offset losses from the drop in High Coast's long position.| AcadeMedia vs. Inwido AB | AcadeMedia vs. Alimak Hek Group | AcadeMedia vs. Dometic Group AB | AcadeMedia vs. Byggmax Group AB |
| High Coast vs. Episurf Medical AB | High Coast vs. Scandic Hotels Group | High Coast vs. Lundin Mining | High Coast vs. 24SevenOffice Scandinavia AB |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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