Correlation Between Cboe UK and Scancell Hldgs
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By analyzing existing cross correlation between Cboe UK Consumer and Scancell Hldgs Plc, you can compare the effects of market volatilities on Cboe UK and Scancell Hldgs 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 Cboe UK with a short position of Scancell Hldgs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cboe UK and Scancell Hldgs.
Diversification Opportunities for Cboe UK and Scancell Hldgs
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cboe and Scancell is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Cboe UK Consumer and Scancell Hldgs Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scancell Hldgs Plc and Cboe UK 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 Cboe UK Consumer are associated (or correlated) with Scancell Hldgs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scancell Hldgs Plc has no effect on the direction of Cboe UK i.e., Cboe UK and Scancell Hldgs go up and down completely randomly.
Pair Corralation between Cboe UK and Scancell Hldgs
Assuming the 90 days trading horizon Cboe UK Consumer is expected to generate 0.24 times more return on investment than Scancell Hldgs. However, Cboe UK Consumer is 4.19 times less risky than Scancell Hldgs. It trades about 0.08 of its potential returns per unit of risk. Scancell Hldgs Plc is currently generating about -0.02 per unit of risk. If you would invest 2,188,845 in Cboe UK Consumer on September 19, 2024 and sell it today you would earn a total of 1,061,850 from holding Cboe UK Consumer or generate 48.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.43% |
| Values | Daily Returns |
Cboe UK Consumer vs. Scancell Hldgs Plc
Performance |
| Timeline |
Cboe UK and Scancell Hldgs Volatility Contrast
Predicted Return Density |
| Returns |
Cboe UK Consumer
Pair trading matchups for Cboe UK
Scancell Hldgs Plc
Pair trading matchups for Scancell Hldgs
Pair Trading with Cboe UK and Scancell Hldgs
The main advantage of trading using opposite Cboe UK and Scancell Hldgs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cboe UK position performs unexpectedly, Scancell Hldgs 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 Scancell Hldgs will offset losses from the drop in Scancell Hldgs' long position.| Cboe UK vs. Porvair plc | Cboe UK vs. Norwegian Air Shuttle | Cboe UK vs. Batm Advanced Communications | Cboe UK vs. Charter Communications Cl |
| Scancell Hldgs vs. Qurate Retail Series | Scancell Hldgs vs. Eastman Chemical Co | Scancell Hldgs vs. Air Products Chemicals | Scancell Hldgs vs. Scandic Hotels Group |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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