Correlation Between Ayima Group and Garo AB
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By analyzing existing cross correlation between Ayima Group AB and Garo AB, you can compare the effects of market volatilities on Ayima Group and Garo 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 Ayima Group with a short position of Garo AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ayima Group and Garo AB.
Diversification Opportunities for Ayima Group and Garo AB
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ayima and Garo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ayima Group AB and Garo AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Garo 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 Garo AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Garo AB has no effect on the direction of Ayima Group i.e., Ayima Group and Garo AB go up and down completely randomly.
Pair Corralation between Ayima Group and Garo AB
Assuming the 90 days trading horizon Ayima Group AB is expected to generate 1.91 times more return on investment than Garo AB. However, Ayima Group is 1.91 times more volatile than Garo AB. It trades about 0.06 of its potential returns per unit of risk. Garo AB is currently generating about -0.07 per unit of risk. If you would invest 213.00 in Ayima Group AB on September 4, 2024 and sell it today you would earn a total of 119.00 from holding Ayima Group AB or generate 55.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Ayima Group AB vs. Garo AB
Performance |
| Timeline |
| Ayima Group AB |
| Garo AB |
Ayima Group and Garo AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ayima Group and Garo AB
The main advantage of trading using opposite Ayima Group and Garo AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ayima Group position performs unexpectedly, Garo 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 Garo AB will offset losses from the drop in Garo AB'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 |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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