Correlation Between Scandinavian ChemoTech and G5 Entertainment
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By analyzing existing cross correlation between Scandinavian ChemoTech AB and G5 Entertainment publ, you can compare the effects of market volatilities on Scandinavian ChemoTech and G5 Entertainment 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 Scandinavian ChemoTech with a short position of G5 Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scandinavian ChemoTech and G5 Entertainment.
Diversification Opportunities for Scandinavian ChemoTech and G5 Entertainment
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Scandinavian and G5EN is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Scandinavian ChemoTech AB and G5 Entertainment publ in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G5 Entertainment publ and Scandinavian ChemoTech 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 Scandinavian ChemoTech AB are associated (or correlated) with G5 Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G5 Entertainment publ has no effect on the direction of Scandinavian ChemoTech i.e., Scandinavian ChemoTech and G5 Entertainment go up and down completely randomly.
Pair Corralation between Scandinavian ChemoTech and G5 Entertainment
Assuming the 90 days trading horizon Scandinavian ChemoTech AB is expected to generate 3.06 times more return on investment than G5 Entertainment. However, Scandinavian ChemoTech is 3.06 times more volatile than G5 Entertainment publ. It trades about -0.01 of its potential returns per unit of risk. G5 Entertainment publ is currently generating about -0.06 per unit of risk. If you would invest 463.00 in Scandinavian ChemoTech AB on September 1, 2024 and sell it today you would lose (289.00) from holding Scandinavian ChemoTech AB or give up 62.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Scandinavian ChemoTech AB vs. G5 Entertainment publ
Performance |
| Timeline |
| Scandinavian ChemoTech |
| G5 Entertainment publ |
Scandinavian ChemoTech and G5 Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Scandinavian ChemoTech and G5 Entertainment
The main advantage of trading using opposite Scandinavian ChemoTech and G5 Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scandinavian ChemoTech position performs unexpectedly, G5 Entertainment 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 G5 Entertainment will offset losses from the drop in G5 Entertainment's long position.| Scandinavian ChemoTech vs. ExpreS2ion Biotech Holding | Scandinavian ChemoTech vs. Hansa Biopharma AB | Scandinavian ChemoTech vs. Saniona AB | Scandinavian ChemoTech vs. Oncopeptides AB |
| G5 Entertainment vs. Stillfront Group AB | G5 Entertainment vs. Paradox Interactive AB | G5 Entertainment vs. Catena Media plc | G5 Entertainment vs. Betsson 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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