Correlation Between Clinical Laserthermia and ALM Equity
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By analyzing existing cross correlation between Clinical Laserthermia Systems and ALM Equity AB, you can compare the effects of market volatilities on Clinical Laserthermia and ALM Equity 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 Clinical Laserthermia with a short position of ALM Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clinical Laserthermia and ALM Equity.
Diversification Opportunities for Clinical Laserthermia and ALM Equity
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Clinical and ALM is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Clinical Laserthermia Systems and ALM Equity AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALM Equity AB and Clinical Laserthermia 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 Clinical Laserthermia Systems are associated (or correlated) with ALM Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALM Equity AB has no effect on the direction of Clinical Laserthermia i.e., Clinical Laserthermia and ALM Equity go up and down completely randomly.
Pair Corralation between Clinical Laserthermia and ALM Equity
Assuming the 90 days trading horizon Clinical Laserthermia Systems is expected to under-perform the ALM Equity. In addition to that, Clinical Laserthermia is 9.58 times more volatile than ALM Equity AB. It trades about -0.2 of its total potential returns per unit of risk. ALM Equity AB is currently generating about -0.16 per unit of volatility. If you would invest 9,040 in ALM Equity AB on September 1, 2024 and sell it today you would lose (220.00) from holding ALM Equity AB or give up 2.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Clinical Laserthermia Systems vs. ALM Equity AB
Performance |
| Timeline |
| Clinical Laserthermia |
| ALM Equity AB |
Clinical Laserthermia and ALM Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clinical Laserthermia and ALM Equity
The main advantage of trading using opposite Clinical Laserthermia and ALM Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clinical Laserthermia position performs unexpectedly, ALM Equity 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 ALM Equity will offset losses from the drop in ALM Equity's long position.| Clinical Laserthermia vs. Xvivo Perfusion AB | Clinical Laserthermia vs. BICO Group AB | Clinical Laserthermia vs. Bactiguard Holding AB | Clinical Laserthermia vs. Stille AB |
| ALM Equity vs. Neola Medical AB | ALM Equity vs. Upsales Technology AB | ALM Equity vs. Kinnevik Investment AB | ALM Equity vs. MTI Investment SE |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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