Correlation Between AstraZeneca PLC and Saniona AB
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By analyzing existing cross correlation between AstraZeneca PLC and Saniona AB TO, you can compare the effects of market volatilities on AstraZeneca PLC and Saniona 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 AstraZeneca PLC with a short position of Saniona AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of AstraZeneca PLC and Saniona AB.
Diversification Opportunities for AstraZeneca PLC and Saniona AB
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AstraZeneca and Saniona is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AstraZeneca PLC and Saniona AB TO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saniona AB TO and AstraZeneca PLC 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 AstraZeneca PLC are associated (or correlated) with Saniona AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saniona AB TO has no effect on the direction of AstraZeneca PLC i.e., AstraZeneca PLC and Saniona AB go up and down completely randomly.
Pair Corralation between AstraZeneca PLC and Saniona AB
If you would invest 148,250 in AstraZeneca PLC on October 12, 2024 and sell it today you would earn a total of 2,550 from holding AstraZeneca PLC or generate 1.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.88% |
| Values | Daily Returns |
AstraZeneca PLC vs. Saniona AB TO
Performance |
| Timeline |
| AstraZeneca PLC |
| Saniona AB TO |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
AstraZeneca PLC and Saniona AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AstraZeneca PLC and Saniona AB
The main advantage of trading using opposite AstraZeneca PLC and Saniona AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AstraZeneca PLC position performs unexpectedly, Saniona 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 Saniona AB will offset losses from the drop in Saniona AB's long position.| AstraZeneca PLC vs. AB Volvo | AstraZeneca PLC vs. Telefonaktiebolaget LM Ericsson | AstraZeneca PLC vs. H M Hennes | AstraZeneca PLC vs. Investor AB ser |
| Saniona AB vs. Raketech Group Holding | Saniona AB vs. MTI Investment SE | Saniona AB vs. White Pearl Technology | Saniona AB vs. Scandic Hotels Group |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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