Correlation Between COSMOSTEEL HLDGS and Sartorius Aktiengesellscha
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By analyzing existing cross correlation between COSMOSTEEL HLDGS and Sartorius Aktiengesellschaft, you can compare the effects of market volatilities on COSMOSTEEL HLDGS and Sartorius Aktiengesellscha 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 COSMOSTEEL HLDGS with a short position of Sartorius Aktiengesellscha. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMOSTEEL HLDGS and Sartorius Aktiengesellscha.
Diversification Opportunities for COSMOSTEEL HLDGS and Sartorius Aktiengesellscha
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between COSMOSTEEL and Sartorius is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding COSMOSTEEL HLDGS and Sartorius Aktiengesellschaft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sartorius Aktiengesellscha and COSMOSTEEL HLDGS 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 COSMOSTEEL HLDGS are associated (or correlated) with Sartorius Aktiengesellscha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sartorius Aktiengesellscha has no effect on the direction of COSMOSTEEL HLDGS i.e., COSMOSTEEL HLDGS and Sartorius Aktiengesellscha go up and down completely randomly.
Pair Corralation between COSMOSTEEL HLDGS and Sartorius Aktiengesellscha
Assuming the 90 days trading horizon COSMOSTEEL HLDGS is expected to generate 1.17 times more return on investment than Sartorius Aktiengesellscha. However, COSMOSTEEL HLDGS is 1.17 times more volatile than Sartorius Aktiengesellschaft. It trades about -0.11 of its potential returns per unit of risk. Sartorius Aktiengesellschaft is currently generating about -0.29 per unit of risk. If you would invest 6.50 in COSMOSTEEL HLDGS on August 26, 2024 and sell it today you would lose (0.45) from holding COSMOSTEEL HLDGS or give up 6.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
COSMOSTEEL HLDGS vs. Sartorius Aktiengesellschaft
Performance |
| Timeline |
| COSMOSTEEL HLDGS |
| Sartorius Aktiengesellscha |
COSMOSTEEL HLDGS and Sartorius Aktiengesellscha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COSMOSTEEL HLDGS and Sartorius Aktiengesellscha
The main advantage of trading using opposite COSMOSTEEL HLDGS and Sartorius Aktiengesellscha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMOSTEEL HLDGS position performs unexpectedly, Sartorius Aktiengesellscha 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 Sartorius Aktiengesellscha will offset losses from the drop in Sartorius Aktiengesellscha's long position.| COSMOSTEEL HLDGS vs. Apple Inc | COSMOSTEEL HLDGS vs. Apple Inc | COSMOSTEEL HLDGS vs. Apple Inc | COSMOSTEEL HLDGS vs. Apple Inc |
| Sartorius Aktiengesellscha vs. PT Bank Maybank | Sartorius Aktiengesellscha vs. OAKTRSPECLENDNEW | Sartorius Aktiengesellscha vs. United States Steel | Sartorius Aktiengesellscha vs. COSMOSTEEL HLDGS |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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