Correlation Between Accsys Technologies and Scancell Hldgs
Can any of the company-specific risk be diversified away by investing in both Accsys Technologies and Scancell Hldgs 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 Accsys Technologies and Scancell Hldgs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Accsys Technologies PLC and Scancell Hldgs Plc, you can compare the effects of market volatilities on Accsys Technologies and Scancell Hldgs 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 Accsys Technologies with a short position of Scancell Hldgs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Accsys Technologies and Scancell Hldgs.
Diversification Opportunities for Accsys Technologies and Scancell Hldgs
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Accsys and Scancell is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Accsys Technologies PLC and Scancell Hldgs Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scancell Hldgs Plc and Accsys 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 Accsys Technologies PLC are associated (or correlated) with Scancell Hldgs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scancell Hldgs Plc has no effect on the direction of Accsys Technologies i.e., Accsys Technologies and Scancell Hldgs go up and down completely randomly.
Pair Corralation between Accsys Technologies and Scancell Hldgs
Assuming the 90 days trading horizon Accsys Technologies PLC is expected to generate 0.76 times more return on investment than Scancell Hldgs. However, Accsys Technologies PLC is 1.31 times less risky than Scancell Hldgs. It trades about -0.04 of its potential returns per unit of risk. Scancell Hldgs Plc is currently generating about -0.3 per unit of risk. If you would invest 4,615 in Accsys Technologies PLC on September 21, 2024 and sell it today you would lose (190.00) from holding Accsys Technologies PLC or give up 4.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Accsys Technologies PLC vs. Scancell Hldgs Plc
Performance |
| Timeline |
| Accsys Technologies PLC |
| Scancell Hldgs Plc |
Accsys Technologies and Scancell Hldgs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Accsys Technologies and Scancell Hldgs
The main advantage of trading using opposite Accsys Technologies and Scancell Hldgs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Accsys Technologies position performs unexpectedly, Scancell Hldgs 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 Scancell Hldgs will offset losses from the drop in Scancell Hldgs' long position.| Accsys Technologies vs. Tlou Energy | Accsys Technologies vs. Rockfire Resources plc | Accsys Technologies vs. Ikigai Ventures | Accsys Technologies vs. Falcon Oil Gas |
| Scancell Hldgs vs. Evolution Gaming Group | Scancell Hldgs vs. BW Offshore | Scancell Hldgs vs. Accsys Technologies PLC | Scancell Hldgs vs. Hochschild Mining plc |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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