Correlation Between Beowulf Mining and Peab AB
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By analyzing existing cross correlation between Beowulf Mining PLC and Peab AB, you can compare the effects of market volatilities on Beowulf Mining and Peab 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 Peab AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and Peab AB.
Diversification Opportunities for Beowulf Mining and Peab AB
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Beowulf and Peab is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and Peab AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peab 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 Peab AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peab AB has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and Peab AB go up and down completely randomly.
Pair Corralation between Beowulf Mining and Peab AB
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to generate 25.91 times more return on investment than Peab AB. However, Beowulf Mining is 25.91 times more volatile than Peab AB. It trades about 0.05 of its potential returns per unit of risk. Peab AB is currently generating about 0.09 per unit of risk. If you would invest 23.00 in Beowulf Mining PLC on September 12, 2024 and sell it today you would earn a total of 163.00 from holding Beowulf Mining PLC or generate 708.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. Peab AB
Performance |
| Timeline |
| Beowulf Mining PLC |
| Peab AB |
Beowulf Mining and Peab AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and Peab AB
The main advantage of trading using opposite Beowulf Mining and Peab AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, Peab 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 Peab AB will offset losses from the drop in Peab 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 |
| Peab AB vs. Bravida Holding AB | Peab AB vs. Instalco Intressenter AB | Peab AB vs. NCC AB | Peab AB vs. Fasadgruppen Group 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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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