Correlation Between Agilyx AS and Cambi ASA
Can any of the company-specific risk be diversified away by investing in both Agilyx AS and Cambi ASA 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 Agilyx AS and Cambi ASA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilyx AS and Cambi ASA, you can compare the effects of market volatilities on Agilyx AS and Cambi ASA 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 Agilyx AS with a short position of Cambi ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilyx AS and Cambi ASA.
Diversification Opportunities for Agilyx AS and Cambi ASA
Weak diversification
The 3 months correlation between Agilyx and Cambi is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Agilyx AS and Cambi ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cambi ASA and Agilyx 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 Agilyx AS are associated (or correlated) with Cambi ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cambi ASA has no effect on the direction of Agilyx AS i.e., Agilyx AS and Cambi ASA go up and down completely randomly.
Pair Corralation between Agilyx AS and Cambi ASA
Assuming the 90 days trading horizon Agilyx AS is expected to generate 6.45 times less return on investment than Cambi ASA. But when comparing it to its historical volatility, Agilyx AS is 1.56 times less risky than Cambi ASA. It trades about 0.02 of its potential returns per unit of risk. Cambi ASA is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 464.00 in Cambi ASA on September 12, 2024 and sell it today you would earn a total of 976.00 from holding Cambi ASA or generate 210.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agilyx AS vs. Cambi ASA
Performance |
| Timeline |
| Agilyx AS |
| Cambi ASA |
Agilyx AS and Cambi ASA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilyx AS and Cambi ASA
The main advantage of trading using opposite Agilyx AS and Cambi ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilyx AS position performs unexpectedly, Cambi ASA 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 Cambi ASA will offset losses from the drop in Cambi ASA's long position.| Agilyx AS vs. Vow ASA | Agilyx AS vs. Everfuel AS | Agilyx AS vs. Aker Carbon Capture | Agilyx AS vs. HydrogenPro AS |
| Cambi ASA vs. Aker Horizons AS | Cambi ASA vs. Hexagon Purus As | Cambi ASA vs. Huddly AS | Cambi ASA vs. Everfuel AS |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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