Correlation Between Awardit AB and Intervacc
Can any of the company-specific risk be diversified away by investing in both Awardit AB and Intervacc 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 Awardit AB and Intervacc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Awardit AB and Intervacc AB, you can compare the effects of market volatilities on Awardit AB and Intervacc 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 Awardit AB with a short position of Intervacc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Awardit AB and Intervacc.
Diversification Opportunities for Awardit AB and Intervacc
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Awardit and Intervacc is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Awardit AB and Intervacc AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intervacc AB and Awardit 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 Awardit AB are associated (or correlated) with Intervacc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intervacc AB has no effect on the direction of Awardit AB i.e., Awardit AB and Intervacc go up and down completely randomly.
Pair Corralation between Awardit AB and Intervacc
Assuming the 90 days trading horizon Awardit AB is expected to generate 0.23 times more return on investment than Intervacc. However, Awardit AB is 4.31 times less risky than Intervacc. It trades about 0.01 of its potential returns per unit of risk. Intervacc AB is currently generating about -0.05 per unit of risk. If you would invest 12,950 in Awardit AB on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Awardit AB or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Awardit AB vs. Intervacc AB
Performance |
| Timeline |
| Awardit AB |
| Intervacc AB |
Awardit AB and Intervacc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Awardit AB and Intervacc
The main advantage of trading using opposite Awardit AB and Intervacc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Awardit AB position performs unexpectedly, Intervacc 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 Intervacc will offset losses from the drop in Intervacc's long position.| Awardit AB vs. Upsales Technology AB | Awardit AB vs. SaltX Technology Holding | Awardit AB vs. Addtech AB | Awardit AB vs. Raketech Group Holding |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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