Correlation Between Beowulf Mining and Train Alliance
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By analyzing existing cross correlation between Beowulf Mining PLC and Train Alliance Sweden, you can compare the effects of market volatilities on Beowulf Mining and Train Alliance 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 Train Alliance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beowulf Mining and Train Alliance.
Diversification Opportunities for Beowulf Mining and Train Alliance
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beowulf and Train is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Beowulf Mining PLC and Train Alliance Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Train Alliance Sweden 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 Train Alliance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Train Alliance Sweden has no effect on the direction of Beowulf Mining i.e., Beowulf Mining and Train Alliance go up and down completely randomly.
Pair Corralation between Beowulf Mining and Train Alliance
Assuming the 90 days trading horizon Beowulf Mining PLC is expected to under-perform the Train Alliance. In addition to that, Beowulf Mining is 3.9 times more volatile than Train Alliance Sweden. It trades about -0.24 of its total potential returns per unit of risk. Train Alliance Sweden is currently generating about -0.4 per unit of volatility. If you would invest 2,060 in Train Alliance Sweden on September 1, 2024 and sell it today you would lose (200.00) from holding Train Alliance Sweden or give up 9.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beowulf Mining PLC vs. Train Alliance Sweden
Performance |
| Timeline |
| Beowulf Mining PLC |
| Train Alliance Sweden |
Beowulf Mining and Train Alliance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beowulf Mining and Train Alliance
The main advantage of trading using opposite Beowulf Mining and Train Alliance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beowulf Mining position performs unexpectedly, Train Alliance 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 Train Alliance will offset losses from the drop in Train Alliance's long position.| Beowulf Mining vs. Train Alliance Sweden | Beowulf Mining vs. Swedbank AB | Beowulf Mining vs. Nitro Games Oyj | Beowulf Mining vs. Havsfrun Investment AB |
| Train Alliance vs. Bergman Beving AB | Train Alliance vs. FM Mattsson Mora | Train Alliance vs. Systemair AB | Train Alliance vs. Garo 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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