Correlation Between Acarix AS and Cantargia
Can any of the company-specific risk be diversified away by investing in both Acarix AS and Cantargia 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 Acarix AS and Cantargia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Acarix AS and Cantargia AB, you can compare the effects of market volatilities on Acarix AS and Cantargia 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 Acarix AS with a short position of Cantargia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acarix AS and Cantargia.
Diversification Opportunities for Acarix AS and Cantargia
Good diversification
The 3 months correlation between Acarix and Cantargia is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Acarix AS and Cantargia AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cantargia AB and Acarix AS 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 Acarix AS are associated (or correlated) with Cantargia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cantargia AB has no effect on the direction of Acarix AS i.e., Acarix AS and Cantargia go up and down completely randomly.
Pair Corralation between Acarix AS and Cantargia
Assuming the 90 days trading horizon Acarix AS is expected to generate 0.84 times more return on investment than Cantargia. However, Acarix AS is 1.18 times less risky than Cantargia. It trades about 0.02 of its potential returns per unit of risk. Cantargia AB is currently generating about -0.2 per unit of risk. If you would invest 31.00 in Acarix AS on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Acarix AS 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 |
Acarix AS vs. Cantargia AB
Performance |
| Timeline |
| Acarix AS |
| Cantargia AB |
Acarix AS and Cantargia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acarix AS and Cantargia
The main advantage of trading using opposite Acarix AS and Cantargia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acarix AS position performs unexpectedly, Cantargia 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 Cantargia will offset losses from the drop in Cantargia's long position.| Acarix AS vs. Saniona AB | Acarix AS vs. Cantargia AB | Acarix AS vs. Biovica International AB | Acarix AS vs. ExpreS2ion Biotech Holding |
| Cantargia vs. Hansa Biopharma AB | Cantargia vs. Oncopeptides AB | Cantargia vs. BioArctic AB | Cantargia vs. Alligator Bioscience 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |