Correlation Between Addtech AB and Beowulf Mining
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By analyzing existing cross correlation between Addtech AB and Beowulf Mining PLC, you can compare the effects of market volatilities on Addtech AB and Beowulf Mining 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 Addtech AB with a short position of Beowulf Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Addtech AB and Beowulf Mining.
Diversification Opportunities for Addtech AB and Beowulf Mining
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Addtech and Beowulf is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Addtech AB and Beowulf Mining PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beowulf Mining PLC and Addtech AB 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 Addtech AB are associated (or correlated) with Beowulf Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beowulf Mining PLC has no effect on the direction of Addtech AB i.e., Addtech AB and Beowulf Mining go up and down completely randomly.
Pair Corralation between Addtech AB and Beowulf Mining
Assuming the 90 days trading horizon Addtech AB is expected to generate 0.36 times more return on investment than Beowulf Mining. However, Addtech AB is 2.76 times less risky than Beowulf Mining. It trades about 0.11 of its potential returns per unit of risk. Beowulf Mining PLC is currently generating about -0.35 per unit of risk. If you would invest 30,280 in Addtech AB on September 13, 2024 and sell it today you would earn a total of 980.00 from holding Addtech AB or generate 3.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Addtech AB vs. Beowulf Mining PLC
Performance |
| Timeline |
| Addtech AB |
| Beowulf Mining PLC |
Addtech AB and Beowulf Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Addtech AB and Beowulf Mining
The main advantage of trading using opposite Addtech AB and Beowulf Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Addtech AB position performs unexpectedly, Beowulf Mining 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 Beowulf Mining will offset losses from the drop in Beowulf Mining's long position.| Addtech AB vs. AddLife AB | Addtech AB vs. Bufab Holding AB | Addtech AB vs. Bergman Beving AB | Addtech AB vs. AQ Group AB |
| Beowulf Mining vs. Lundin Mining | Beowulf Mining vs. Addtech AB | Beowulf Mining vs. Nitro Games Oyj | Beowulf Mining vs. Sdiptech 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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