Correlation Between Bactiquant and Agillic AS
Can any of the company-specific risk be diversified away by investing in both Bactiquant and Agillic AS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Bactiquant and Agillic AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bactiquant AS and Agillic AS, you can compare the effects of market volatilities on Bactiquant and Agillic AS 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 Bactiquant with a short position of Agillic AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bactiquant and Agillic AS.
Diversification Opportunities for Bactiquant and Agillic AS
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bactiquant and Agillic is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Bactiquant AS and Agillic AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agillic AS and Bactiquant 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 Bactiquant AS are associated (or correlated) with Agillic AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agillic AS has no effect on the direction of Bactiquant i.e., Bactiquant and Agillic AS go up and down completely randomly.
Pair Corralation between Bactiquant and Agillic AS
Assuming the 90 days trading horizon Bactiquant AS is expected to under-perform the Agillic AS. In addition to that, Bactiquant is 1.42 times more volatile than Agillic AS. It trades about -0.22 of its total potential returns per unit of risk. Agillic AS is currently generating about -0.11 per unit of volatility. If you would invest 950.00 in Agillic AS on September 13, 2024 and sell it today you would lose (50.00) from holding Agillic AS or give up 5.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bactiquant AS vs. Agillic AS
Performance |
| Timeline |
| Bactiquant AS |
| Agillic AS |
Bactiquant and Agillic AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bactiquant and Agillic AS
The main advantage of trading using opposite Bactiquant and Agillic AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bactiquant position performs unexpectedly, Agillic AS 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 Agillic AS will offset losses from the drop in Agillic AS's long position.| Bactiquant vs. Bavarian Nordic | Bactiquant vs. Investeringsselskabet Luxor AS | Bactiquant vs. cBrain AS | Bactiquant vs. Fast Ejendom |
| Agillic AS vs. cBrain AS | Agillic AS vs. Danske Invest | Agillic AS vs. BankInvest Optima 30 | Agillic AS vs. Gabriel Holding |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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