Correlation Between Clinical Laserthermia and KebNi AB
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By analyzing existing cross correlation between Clinical Laserthermia Systems and KebNi AB, you can compare the effects of market volatilities on Clinical Laserthermia and KebNi AB 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 KebNi AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clinical Laserthermia and KebNi AB.
Diversification Opportunities for Clinical Laserthermia and KebNi AB
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Clinical and KebNi is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Clinical Laserthermia Systems and KebNi AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KebNi 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 KebNi AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KebNi AB has no effect on the direction of Clinical Laserthermia i.e., Clinical Laserthermia and KebNi AB go up and down completely randomly.
Pair Corralation between Clinical Laserthermia and KebNi AB
Assuming the 90 days trading horizon Clinical Laserthermia Systems is expected to generate 1.92 times more return on investment than KebNi AB. However, Clinical Laserthermia is 1.92 times more volatile than KebNi AB. It trades about -0.02 of its potential returns per unit of risk. KebNi AB is currently generating about -0.16 per unit of risk. If you would invest 505.00 in Clinical Laserthermia Systems on September 2, 2024 and sell it today you would lose (85.00) from holding Clinical Laserthermia Systems or give up 16.83% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Clinical Laserthermia Systems vs. KebNi AB
Performance |
Timeline |
Clinical Laserthermia |
KebNi AB |
Clinical Laserthermia and KebNi AB Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Clinical Laserthermia and KebNi AB
The main advantage of trading using opposite Clinical Laserthermia and KebNi AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clinical Laserthermia position performs unexpectedly, KebNi AB 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 KebNi AB will offset losses from the drop in KebNi AB's long position.Clinical Laserthermia vs. Xvivo Perfusion AB | Clinical Laserthermia vs. BICO Group AB | Clinical Laserthermia vs. Stille AB | Clinical Laserthermia vs. SpectraCure AB |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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