Correlation Between Clinical Laserthermia and Cint Group
Can any of the company-specific risk be diversified away by investing in both Clinical Laserthermia and Cint 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 Clinical Laserthermia and Cint Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clinical Laserthermia Systems and Cint Group AB, you can compare the effects of market volatilities on Clinical Laserthermia and Cint 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 Clinical Laserthermia with a short position of Cint Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clinical Laserthermia and Cint Group.
Diversification Opportunities for Clinical Laserthermia and Cint Group
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Clinical and Cint is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Clinical Laserthermia Systems and Cint Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cint Group 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 Cint Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cint Group AB has no effect on the direction of Clinical Laserthermia i.e., Clinical Laserthermia and Cint Group go up and down completely randomly.
Pair Corralation between Clinical Laserthermia and Cint Group
Assuming the 90 days trading horizon Clinical Laserthermia Systems is expected to under-perform the Cint Group. In addition to that, Clinical Laserthermia is 3.38 times more volatile than Cint Group AB. It trades about -0.08 of its total potential returns per unit of risk. Cint Group AB is currently generating about -0.06 per unit of volatility. If you would invest 1,253 in Cint Group AB on August 26, 2024 and sell it today you would lose (43.00) from holding Cint Group AB or give up 3.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Clinical Laserthermia Systems vs. Cint Group AB
Performance |
| Timeline |
| Clinical Laserthermia |
| Cint Group AB |
Clinical Laserthermia and Cint Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clinical Laserthermia and Cint Group
The main advantage of trading using opposite Clinical Laserthermia and Cint Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clinical Laserthermia position performs unexpectedly, Cint 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 Cint Group will offset losses from the drop in Cint Group's long position.| Clinical Laserthermia vs. Xvivo Perfusion AB | Clinical Laserthermia vs. SpectraCure AB | Clinical Laserthermia vs. Senzime 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Transaction History View history of all your transactions and understand their impact on performance |