Correlation Between Bactiguard Holding and Implantica
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By analyzing existing cross correlation between Bactiguard Holding AB and Implantica AG, you can compare the effects of market volatilities on Bactiguard Holding and Implantica 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 Implantica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bactiguard Holding and Implantica.
Diversification Opportunities for Bactiguard Holding and Implantica
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Bactiguard and Implantica is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Bactiguard Holding AB and Implantica AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Implantica AG 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 Implantica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Implantica AG has no effect on the direction of Bactiguard Holding i.e., Bactiguard Holding and Implantica go up and down completely randomly.
Pair Corralation between Bactiguard Holding and Implantica
Assuming the 90 days trading horizon Bactiguard Holding AB is expected to generate 1.4 times more return on investment than Implantica. However, Bactiguard Holding is 1.4 times more volatile than Implantica AG. It trades about 0.12 of its potential returns per unit of risk. Implantica AG is currently generating about -0.05 per unit of risk. If you would invest 3,110 in Bactiguard Holding AB on November 27, 2024 and sell it today you would earn a total of 270.00 from holding Bactiguard Holding AB or generate 8.68% 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. Implantica AG
Performance |
| Timeline |
| Bactiguard Holding |
| Implantica AG |
Bactiguard Holding and Implantica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bactiguard Holding and Implantica
The main advantage of trading using opposite Bactiguard Holding and Implantica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bactiguard Holding position performs unexpectedly, Implantica 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 Implantica will offset losses from the drop in Implantica's long position.| Bactiguard Holding vs. Biotage AB | Bactiguard Holding vs. CellaVision AB | Bactiguard Holding vs. Bonesupport Holding AB | Bactiguard Holding vs. MedCap AB |
| Implantica vs. Bonesupport Holding AB | Implantica vs. Surgical Science Sweden | Implantica vs. Storytel 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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