Correlation Between Bellevue Group and Airesis SA
Can any of the company-specific risk be diversified away by investing in both Bellevue Group and Airesis SA 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 Bellevue Group and Airesis SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bellevue Group AG and Airesis SA, you can compare the effects of market volatilities on Bellevue Group and Airesis SA 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 Bellevue Group with a short position of Airesis SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bellevue Group and Airesis SA.
Diversification Opportunities for Bellevue Group and Airesis SA
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bellevue and Airesis is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Bellevue Group AG and Airesis SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Airesis SA and Bellevue Group 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 Bellevue Group AG are associated (or correlated) with Airesis SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Airesis SA has no effect on the direction of Bellevue Group i.e., Bellevue Group and Airesis SA go up and down completely randomly.
Pair Corralation between Bellevue Group and Airesis SA
Assuming the 90 days trading horizon Bellevue Group AG is expected to under-perform the Airesis SA. But the stock apears to be less risky and, when comparing its historical volatility, Bellevue Group AG is 5.28 times less risky than Airesis SA. The stock trades about -0.07 of its potential returns per unit of risk. The Airesis SA is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 60.00 in Airesis SA on December 2, 2024 and sell it today you would lose (54.00) from holding Airesis SA or give up 90.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.43% |
| Values | Daily Returns |
Bellevue Group AG vs. Airesis SA
Performance |
| Timeline |
| Bellevue Group AG |
| Airesis SA |
Bellevue Group and Airesis SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bellevue Group and Airesis SA
The main advantage of trading using opposite Bellevue Group and Airesis SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bellevue Group position performs unexpectedly, Airesis SA 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 Airesis SA will offset losses from the drop in Airesis SA's long position.| Bellevue Group vs. BB Biotech AG | ||
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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