Correlation Between Beowulf Mining and Axfood AB
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beowulf Mining PLC and Axfood AB, you can compare the effects of market volatilities on Beowulf Mining and Axfood 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 Beowulf Mining with a short position of Axfood AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and Axfood AB.
Diversification Opportunities for Beowulf Mining and Axfood AB
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beowulf and Axfood is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and Axfood AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axfood AB and Beowulf Mining 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 Beowulf Mining PLC are associated (or correlated) with Axfood AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axfood AB has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and Axfood AB go up and down completely randomly.
Pair Corralation between Beowulf Mining and Axfood AB
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to generate 44.79 times more return on investment than Axfood AB. However, Beowulf Mining is 44.79 times more volatile than Axfood AB. It trades about 0.06 of its potential returns per unit of risk. Axfood AB is currently generating about -0.02 per unit of risk. If you would invest 18.00 in Beowulf Mining PLC on September 14, 2024 and sell it today you would earn a total of 181.00 from holding Beowulf Mining PLC or generate 1005.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. Axfood AB
Performance |
| Timeline |
| Beowulf Mining PLC |
| Axfood AB |
Beowulf Mining and Axfood AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and Axfood AB
The main advantage of trading using opposite Beowulf Mining and Axfood AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, Axfood 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 Axfood AB will offset losses from the drop in Axfood AB's long position.| Beowulf Mining vs. Humble Group AB | Beowulf Mining vs. Enad Global 7 | Beowulf Mining vs. Goodbye Kansas Group | Beowulf Mining vs. KABE Group AB |
| Axfood AB vs. Castellum AB | Axfood AB vs. Tele2 AB | Axfood AB vs. Investor AB ser | Axfood AB vs. Kinnevik Investment 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |