Correlation Between Concejo AB and Ascelia Pharma
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By analyzing existing cross correlation between Concejo AB and Ascelia Pharma AB, you can compare the effects of market volatilities on Concejo AB and Ascelia Pharma 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 Concejo AB with a short position of Ascelia Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concejo AB and Ascelia Pharma.
Diversification Opportunities for Concejo AB and Ascelia Pharma
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Concejo and Ascelia is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Concejo AB and Ascelia Pharma AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ascelia Pharma AB and Concejo AB 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 Concejo AB are associated (or correlated) with Ascelia Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ascelia Pharma AB has no effect on the direction of Concejo AB i.e., Concejo AB and Ascelia Pharma go up and down completely randomly.
Pair Corralation between Concejo AB and Ascelia Pharma
Assuming the 90 days trading horizon Concejo AB is expected to generate 0.46 times more return on investment than Ascelia Pharma. However, Concejo AB is 2.18 times less risky than Ascelia Pharma. It trades about 0.05 of its potential returns per unit of risk. Ascelia Pharma AB is currently generating about -0.01 per unit of risk. If you would invest 2,509 in Concejo AB on August 31, 2024 and sell it today you would earn a total of 1,511 from holding Concejo AB or generate 60.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Concejo AB vs. Ascelia Pharma AB
Performance |
| Timeline |
| Concejo AB |
| Ascelia Pharma AB |
Concejo AB and Ascelia Pharma Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concejo AB and Ascelia Pharma
The main advantage of trading using opposite Concejo AB and Ascelia Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concejo AB position performs unexpectedly, Ascelia Pharma 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 Ascelia Pharma will offset losses from the drop in Ascelia Pharma's long position.| Concejo AB vs. Ascelia Pharma AB | Concejo AB vs. CTT Systems AB | Concejo AB vs. Malmbergs Elektriska AB | Concejo AB vs. Boule Diagnostics AB |
| Ascelia Pharma vs. ExpreS2ion Biotech Holding | Ascelia Pharma vs. Hansa Biopharma AB | Ascelia Pharma vs. Saniona AB | Ascelia Pharma vs. Oncopeptides 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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