Correlation Between Alligo AB and AXichem AB
Specify exactly 2 symbols:
By analyzing existing cross correlation between Alligo AB Series and aXichem AB, you can compare the effects of market volatilities on Alligo AB and AXichem 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 Alligo AB with a short position of AXichem AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alligo AB and AXichem AB.
Diversification Opportunities for Alligo AB and AXichem AB
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alligo and AXichem is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Alligo AB Series and aXichem AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on aXichem AB and Alligo 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 Alligo AB Series are associated (or correlated) with AXichem AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of aXichem AB has no effect on the direction of Alligo AB i.e., Alligo AB and AXichem AB go up and down completely randomly.
Pair Corralation between Alligo AB and AXichem AB
Assuming the 90 days trading horizon Alligo AB Series is expected to under-perform the AXichem AB. But the stock apears to be less risky and, when comparing its historical volatility, Alligo AB Series is 3.78 times less risky than AXichem AB. The stock trades about -0.16 of its potential returns per unit of risk. The aXichem AB is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 153.00 in aXichem AB on September 3, 2024 and sell it today you would lose (8.00) from holding aXichem AB or give up 5.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alligo AB Series vs. aXichem AB
Performance |
| Timeline |
| Alligo AB Series |
| aXichem AB |
Alligo AB and AXichem AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alligo AB and AXichem AB
The main advantage of trading using opposite Alligo AB and AXichem AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alligo AB position performs unexpectedly, AXichem 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 AXichem AB will offset losses from the drop in AXichem AB's long position.| Alligo AB vs. AddLife AB | Alligo AB vs. Bufab Holding AB | Alligo AB vs. Bergman Beving AB | Alligo AB vs. AQ Group AB |
| AXichem AB vs. Enzymatica publ AB | AXichem AB vs. Bactiguard Holding AB | AXichem AB vs. Cantargia AB | AXichem AB vs. BIMobject 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |