Correlation Between Beowulf Mining and Skandinaviska Enskilda
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beowulf Mining PLC and Skandinaviska Enskilda Banken, you can compare the effects of market volatilities on Beowulf Mining and Skandinaviska Enskilda 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 Skandinaviska Enskilda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and Skandinaviska Enskilda.
Diversification Opportunities for Beowulf Mining and Skandinaviska Enskilda
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beowulf and Skandinaviska is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and Skandinaviska Enskilda Banken in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Skandinaviska Enskilda 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 Skandinaviska Enskilda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Skandinaviska Enskilda has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and Skandinaviska Enskilda go up and down completely randomly.
Pair Corralation between Beowulf Mining and Skandinaviska Enskilda
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to under-perform the Skandinaviska Enskilda. In addition to that, Beowulf Mining is 2.6 times more volatile than Skandinaviska Enskilda Banken. It trades about -0.32 of its total potential returns per unit of risk. Skandinaviska Enskilda Banken is currently generating about 0.05 per unit of volatility. If you would invest 15,280 in Skandinaviska Enskilda Banken on September 13, 2024 and sell it today you would earn a total of 380.00 from holding Skandinaviska Enskilda Banken or generate 2.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. Skandinaviska Enskilda Banken
Performance |
| Timeline |
| Beowulf Mining PLC |
| Skandinaviska Enskilda |
Beowulf Mining and Skandinaviska Enskilda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and Skandinaviska Enskilda
The main advantage of trading using opposite Beowulf Mining and Skandinaviska Enskilda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, Skandinaviska Enskilda 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 Skandinaviska Enskilda will offset losses from the drop in Skandinaviska Enskilda's long position.| Beowulf Mining vs. Lundin Mining | Beowulf Mining vs. Addtech AB | Beowulf Mining vs. Nitro Games Oyj | Beowulf Mining vs. Sdiptech AB |
| Skandinaviska Enskilda vs. MTI Investment SE | Skandinaviska Enskilda vs. Beowulf Mining PLC | Skandinaviska Enskilda vs. Qleanair Holding AB | Skandinaviska Enskilda vs. Indutrade 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |