Correlation Between Corline Biomedical and Integrum
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By analyzing existing cross correlation between Corline Biomedical AB and Integrum AB Series, you can compare the effects of market volatilities on Corline Biomedical and Integrum 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 Corline Biomedical with a short position of Integrum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corline Biomedical and Integrum.
Diversification Opportunities for Corline Biomedical and Integrum
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Corline and Integrum is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Corline Biomedical AB and Integrum AB Series in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrum AB Series and Corline Biomedical 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 Corline Biomedical AB are associated (or correlated) with Integrum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrum AB Series has no effect on the direction of Corline Biomedical i.e., Corline Biomedical and Integrum go up and down completely randomly.
Pair Corralation between Corline Biomedical and Integrum
Assuming the 90 days trading horizon Corline Biomedical AB is expected to generate 1.8 times more return on investment than Integrum. However, Corline Biomedical is 1.8 times more volatile than Integrum AB Series. It trades about -0.14 of its potential returns per unit of risk. Integrum AB Series is currently generating about -0.26 per unit of risk. If you would invest 802.00 in Corline Biomedical AB on September 1, 2024 and sell it today you would lose (132.00) from holding Corline Biomedical AB or give up 16.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Corline Biomedical AB vs. Integrum AB Series
Performance |
| Timeline |
| Corline Biomedical |
| Integrum AB Series |
Corline Biomedical and Integrum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corline Biomedical and Integrum
The main advantage of trading using opposite Corline Biomedical and Integrum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corline Biomedical position performs unexpectedly, Integrum 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 Integrum will offset losses from the drop in Integrum's long position.| Corline Biomedical vs. Cantargia AB | Corline Biomedical vs. Kancera AB | Corline Biomedical vs. Gabather AB | Corline Biomedical vs. Genovis AB |
| Integrum vs. AddLife AB | Integrum vs. Biotage AB | Integrum vs. Synsam AB | Integrum vs. Bonesupport Holding 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.
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