Correlation Between Cantargia and EWork Group
Can any of the company-specific risk be diversified away by investing in both Cantargia and EWork Group at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cantargia and EWork Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cantargia AB and eWork Group AB, you can compare the effects of market volatilities on Cantargia and EWork Group 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 Cantargia with a short position of EWork Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantargia and EWork Group.
Diversification Opportunities for Cantargia and EWork Group
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Cantargia and EWork is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Cantargia AB and eWork Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on eWork Group AB and Cantargia 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 Cantargia AB are associated (or correlated) with EWork Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of eWork Group AB has no effect on the direction of Cantargia i.e., Cantargia and EWork Group go up and down completely randomly.
Pair Corralation between Cantargia and EWork Group
Assuming the 90 days trading horizon Cantargia AB is expected to under-perform the EWork Group. In addition to that, Cantargia is 3.08 times more volatile than eWork Group AB. It trades about -0.02 of its total potential returns per unit of risk. eWork Group AB is currently generating about 0.02 per unit of volatility. If you would invest 13,413 in eWork Group AB on September 1, 2024 and sell it today you would earn a total of 487.00 from holding eWork Group AB or generate 3.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.47% |
| Values | Daily Returns |
Cantargia AB vs. eWork Group AB
Performance |
| Timeline |
| Cantargia AB |
| eWork Group AB |
Cantargia and EWork Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cantargia and EWork Group
The main advantage of trading using opposite Cantargia and EWork Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantargia position performs unexpectedly, EWork Group 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 EWork Group will offset losses from the drop in EWork Group's long position.| Cantargia vs. Hansa Biopharma AB | Cantargia vs. Oncopeptides AB | Cantargia vs. BioArctic AB | Cantargia vs. Alligator Bioscience AB |
| EWork Group vs. Softronic AB | EWork Group vs. Proact IT Group | EWork Group vs. Inwido AB | EWork Group vs. NOTE 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |