Correlation Between Aiforia Technologies and Tulikivi Oyj
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By analyzing existing cross correlation between Aiforia Technologies Oyj and Tulikivi Oyj A, you can compare the effects of market volatilities on Aiforia Technologies and Tulikivi Oyj 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 Aiforia Technologies with a short position of Tulikivi Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aiforia Technologies and Tulikivi Oyj.
Diversification Opportunities for Aiforia Technologies and Tulikivi Oyj
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Aiforia and Tulikivi is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Aiforia Technologies Oyj and Tulikivi Oyj A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tulikivi Oyj A and Aiforia Technologies 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 Aiforia Technologies Oyj are associated (or correlated) with Tulikivi Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tulikivi Oyj A has no effect on the direction of Aiforia Technologies i.e., Aiforia Technologies and Tulikivi Oyj go up and down completely randomly.
Pair Corralation between Aiforia Technologies and Tulikivi Oyj
Assuming the 90 days trading horizon Aiforia Technologies Oyj is expected to under-perform the Tulikivi Oyj. But the stock apears to be less risky and, when comparing its historical volatility, Aiforia Technologies Oyj is 1.68 times less risky than Tulikivi Oyj. The stock trades about -0.37 of its potential returns per unit of risk. The Tulikivi Oyj A is currently generating about -0.14 of returns per unit of risk over similar time horizon. If you would invest 48.00 in Tulikivi Oyj A on August 24, 2024 and sell it today you would lose (5.00) from holding Tulikivi Oyj A or give up 10.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aiforia Technologies Oyj vs. Tulikivi Oyj A
Performance |
| Timeline |
| Aiforia Technologies Oyj |
| Tulikivi Oyj A |
Aiforia Technologies and Tulikivi Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aiforia Technologies and Tulikivi Oyj
The main advantage of trading using opposite Aiforia Technologies and Tulikivi Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aiforia Technologies position performs unexpectedly, Tulikivi Oyj 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 Tulikivi Oyj will offset losses from the drop in Tulikivi Oyj's long position.| Aiforia Technologies vs. HKFoods Oyj A | Aiforia Technologies vs. Nordea Bank Abp | Aiforia Technologies vs. Detection Technology OY | Aiforia Technologies vs. QPR Software Oyj |
| Tulikivi Oyj vs. Nightingale Health Oyj | Tulikivi Oyj vs. QPR Software Oyj | Tulikivi Oyj vs. SSH Communications Security | Tulikivi Oyj vs. Aiforia Technologies Oyj |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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