Correlation Between Bactiguard Holding and Genovis AB
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By analyzing existing cross correlation between Bactiguard Holding AB and Genovis AB, you can compare the effects of market volatilities on Bactiguard Holding and Genovis 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 Bactiguard Holding with a short position of Genovis AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bactiguard Holding and Genovis AB.
Diversification Opportunities for Bactiguard Holding and Genovis AB
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bactiguard and Genovis is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Bactiguard Holding AB and Genovis AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genovis AB 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 Genovis AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genovis AB has no effect on the direction of Bactiguard Holding i.e., Bactiguard Holding and Genovis AB go up and down completely randomly.
Pair Corralation between Bactiguard Holding and Genovis AB
Assuming the 90 days trading horizon Bactiguard Holding AB is expected to under-perform the Genovis AB. But the stock apears to be less risky and, when comparing its historical volatility, Bactiguard Holding AB is 1.28 times less risky than Genovis AB. The stock trades about -0.02 of its potential returns per unit of risk. The Genovis AB is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 2,440 in Genovis AB on November 3, 2024 and sell it today you would earn a total of 605.00 from holding Genovis AB or generate 24.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bactiguard Holding AB vs. Genovis AB
Performance |
| Timeline |
| Bactiguard Holding |
| Genovis AB |
Bactiguard Holding and Genovis AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bactiguard Holding and Genovis AB
The main advantage of trading using opposite Bactiguard Holding and Genovis AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bactiguard Holding position performs unexpectedly, Genovis 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 Genovis AB will offset losses from the drop in Genovis AB's long position.| Bactiguard Holding vs. Biotage AB | Bactiguard Holding vs. CellaVision AB | Bactiguard Holding vs. Bonesupport Holding AB | Bactiguard Holding vs. MedCap AB |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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