Correlation Between Alcadon Group and KebNi AB
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By analyzing existing cross correlation between Alcadon Group AB and KebNi AB, you can compare the effects of market volatilities on Alcadon Group and KebNi AB 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 Alcadon Group with a short position of KebNi AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alcadon Group and KebNi AB.
Diversification Opportunities for Alcadon Group and KebNi AB
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Alcadon and KebNi is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Alcadon Group AB and KebNi AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KebNi AB and Alcadon Group 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 Alcadon Group AB are associated (or correlated) with KebNi AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KebNi AB has no effect on the direction of Alcadon Group i.e., Alcadon Group and KebNi AB go up and down completely randomly.
Pair Corralation between Alcadon Group and KebNi AB
Assuming the 90 days trading horizon Alcadon Group AB is expected to generate 0.94 times more return on investment than KebNi AB. However, Alcadon Group AB is 1.07 times less risky than KebNi AB. It trades about -0.04 of its potential returns per unit of risk. KebNi AB is currently generating about -0.14 per unit of risk. If you would invest 3,360 in Alcadon Group AB on August 30, 2024 and sell it today you would lose (580.00) from holding Alcadon Group AB or give up 17.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alcadon Group AB vs. KebNi AB
Performance |
| Timeline |
| Alcadon Group AB |
| KebNi AB |
Alcadon Group and KebNi AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alcadon Group and KebNi AB
The main advantage of trading using opposite Alcadon Group and KebNi AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alcadon Group position performs unexpectedly, KebNi AB 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 KebNi AB will offset losses from the drop in KebNi AB's long position.| Alcadon Group vs. Goodbye Kansas Group | Alcadon Group vs. Enersize Oy | Alcadon Group vs. SaltX Technology Holding | Alcadon Group vs. Oncopeptides AB |
| KebNi AB vs. Goodbye Kansas Group | KebNi AB vs. Enersize Oy | KebNi AB vs. SaltX Technology Holding | KebNi AB vs. Oncopeptides 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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