Correlation Between Streamwide and Acticor Biotech
Can any of the company-specific risk be diversified away by investing in both Streamwide and Acticor Biotech 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 Streamwide and Acticor Biotech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Streamwide and Acticor Biotech SAS, you can compare the effects of market volatilities on Streamwide and Acticor Biotech 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 Streamwide with a short position of Acticor Biotech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Streamwide and Acticor Biotech.
Diversification Opportunities for Streamwide and Acticor Biotech
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Streamwide and Acticor is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Streamwide and Acticor Biotech SAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acticor Biotech SAS and Streamwide 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 Streamwide are associated (or correlated) with Acticor Biotech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acticor Biotech SAS has no effect on the direction of Streamwide i.e., Streamwide and Acticor Biotech go up and down completely randomly.
Pair Corralation between Streamwide and Acticor Biotech
If you would invest 3,060 in Streamwide on November 2, 2024 and sell it today you would earn a total of 240.00 from holding Streamwide or generate 7.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Streamwide vs. Acticor Biotech SAS
Performance |
| Timeline |
| Streamwide |
| Acticor Biotech SAS |
Streamwide and Acticor Biotech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Streamwide and Acticor Biotech
The main advantage of trading using opposite Streamwide and Acticor Biotech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Streamwide position performs unexpectedly, Acticor Biotech 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 Acticor Biotech will offset losses from the drop in Acticor Biotech's long position.| Streamwide vs. Sidetrade | Streamwide vs. Esker SA | Streamwide vs. Xilam Animation | Streamwide vs. Ekinops SA |
| Acticor Biotech vs. Fiducial Office Solutions | Acticor Biotech vs. Odyssee Technologies SA | Acticor Biotech vs. Boiron SA | Acticor Biotech vs. Credit Agricole SA |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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