Correlation Between Beowulf Mining and Lohilo Foods
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By analyzing existing cross correlation between Beowulf Mining PLC and Lohilo Foods AB, you can compare the effects of market volatilities on Beowulf Mining and Lohilo Foods 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 Lohilo Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and Lohilo Foods.
Diversification Opportunities for Beowulf Mining and Lohilo Foods
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beowulf and Lohilo is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and Lohilo Foods AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lohilo Foods 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 Lohilo Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lohilo Foods AB has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and Lohilo Foods go up and down completely randomly.
Pair Corralation between Beowulf Mining and Lohilo Foods
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to generate 0.81 times more return on investment than Lohilo Foods. However, Beowulf Mining PLC is 1.23 times less risky than Lohilo Foods. It trades about -0.19 of its potential returns per unit of risk. Lohilo Foods AB is currently generating about -0.2 per unit of risk. If you would invest 278.00 in Beowulf Mining PLC on August 29, 2024 and sell it today you would lose (50.00) from holding Beowulf Mining PLC or give up 17.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. Lohilo Foods AB
Performance |
| Timeline |
| Beowulf Mining PLC |
| Lohilo Foods AB |
Beowulf Mining and Lohilo Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and Lohilo Foods
The main advantage of trading using opposite Beowulf Mining and Lohilo Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, Lohilo Foods 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 Lohilo Foods will offset losses from the drop in Lohilo Foods' long position.| Beowulf Mining vs. AstraZeneca PLC | Beowulf Mining vs. Investor AB ser | Beowulf Mining vs. Investor AB ser | Beowulf Mining vs. Atlas Copco AB |
| Lohilo Foods vs. Smart Eye AB | Lohilo Foods vs. Kamux Suomi Oy | Lohilo Foods vs. Zignsec AB | Lohilo Foods vs. Harvia Oyj |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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