Correlation Between Bactiguard Holding and Clinical Laserthermia
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By analyzing existing cross correlation between Bactiguard Holding AB and Clinical Laserthermia Systems, you can compare the effects of market volatilities on Bactiguard Holding and Clinical Laserthermia 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 Bactiguard Holding with a short position of Clinical Laserthermia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bactiguard Holding and Clinical Laserthermia.
Diversification Opportunities for Bactiguard Holding and Clinical Laserthermia
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bactiguard and Clinical is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Bactiguard Holding AB and Clinical Laserthermia Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clinical Laserthermia and Bactiguard Holding 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 Bactiguard Holding AB are associated (or correlated) with Clinical Laserthermia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clinical Laserthermia has no effect on the direction of Bactiguard Holding i.e., Bactiguard Holding and Clinical Laserthermia go up and down completely randomly.
Pair Corralation between Bactiguard Holding and Clinical Laserthermia
Assuming the 90 days trading horizon Bactiguard Holding AB is expected to generate 0.49 times more return on investment than Clinical Laserthermia. However, Bactiguard Holding AB is 2.04 times less risky than Clinical Laserthermia. It trades about -0.14 of its potential returns per unit of risk. Clinical Laserthermia Systems is currently generating about -0.2 per unit of risk. If you would invest 4,170 in Bactiguard Holding AB on September 1, 2024 and sell it today you would lose (470.00) from holding Bactiguard Holding AB or give up 11.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bactiguard Holding AB vs. Clinical Laserthermia Systems
Performance |
| Timeline |
| Bactiguard Holding |
| Clinical Laserthermia |
Bactiguard Holding and Clinical Laserthermia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bactiguard Holding and Clinical Laserthermia
The main advantage of trading using opposite Bactiguard Holding and Clinical Laserthermia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bactiguard Holding position performs unexpectedly, Clinical Laserthermia 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 Clinical Laserthermia will offset losses from the drop in Clinical Laserthermia's long position.| Bactiguard Holding vs. Xvivo Perfusion AB | Bactiguard Holding vs. BICO Group AB | Bactiguard Holding vs. Stille AB | Bactiguard Holding vs. SpectraCure AB |
| Clinical Laserthermia vs. Xvivo Perfusion AB | Clinical Laserthermia vs. BICO Group AB | Clinical Laserthermia vs. Bactiguard Holding AB | Clinical Laserthermia vs. Stille 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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