Correlation Between Ayima Group and Absolent Group
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By analyzing existing cross correlation between Ayima Group AB and Absolent Group AB, you can compare the effects of market volatilities on Ayima Group and Absolent Group 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 Ayima Group with a short position of Absolent Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ayima Group and Absolent Group.
Diversification Opportunities for Ayima Group and Absolent Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ayima and Absolent is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ayima Group AB and Absolent Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Absolent Group AB and Ayima 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 Ayima Group AB are associated (or correlated) with Absolent Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Absolent Group AB has no effect on the direction of Ayima Group i.e., Ayima Group and Absolent Group go up and down completely randomly.
Pair Corralation between Ayima Group and Absolent Group
Assuming the 90 days trading horizon Ayima Group AB is expected to generate 1.82 times more return on investment than Absolent Group. However, Ayima Group is 1.82 times more volatile than Absolent Group AB. It trades about 0.01 of its potential returns per unit of risk. Absolent Group AB is currently generating about -0.16 per unit of risk. If you would invest 340.00 in Ayima Group AB on September 3, 2024 and sell it today you would lose (8.00) from holding Ayima Group AB or give up 2.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ayima Group AB vs. Absolent Group AB
Performance |
| Timeline |
| Ayima Group AB |
| Absolent Group AB |
Ayima Group and Absolent Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ayima Group and Absolent Group
The main advantage of trading using opposite Ayima Group and Absolent Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ayima Group position performs unexpectedly, Absolent Group 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 Absolent Group will offset losses from the drop in Absolent Group's long position.| Ayima Group vs. Absolent Group AB | Ayima Group vs. Adventure Box Technology | Ayima Group vs. Enorama Pharma AB | Ayima Group vs. ALM Equity AB |
| Absolent Group vs. Beijer Ref AB | Absolent Group vs. Indutrade AB | Absolent Group vs. Addtech AB | Absolent Group vs. Nolato 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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