Correlation Between CEWE Stiftung and ScanSource
Can any of the company-specific risk be diversified away by investing in both CEWE Stiftung and ScanSource 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 CEWE Stiftung and ScanSource into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CEWE Stiftung Co and ScanSource, you can compare the effects of market volatilities on CEWE Stiftung and ScanSource 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 CEWE Stiftung with a short position of ScanSource. Check out your portfolio center. Please also check ongoing floating volatility patterns of CEWE Stiftung and ScanSource.
Diversification Opportunities for CEWE Stiftung and ScanSource
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between CEWE and ScanSource is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding CEWE Stiftung Co and ScanSource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ScanSource and CEWE Stiftung 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 CEWE Stiftung Co are associated (or correlated) with ScanSource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ScanSource has no effect on the direction of CEWE Stiftung i.e., CEWE Stiftung and ScanSource go up and down completely randomly.
Pair Corralation between CEWE Stiftung and ScanSource
Assuming the 90 days trading horizon CEWE Stiftung Co is expected to generate 0.4 times more return on investment than ScanSource. However, CEWE Stiftung Co is 2.52 times less risky than ScanSource. It trades about 0.05 of its potential returns per unit of risk. ScanSource is currently generating about 0.0 per unit of risk. If you would invest 9,900 in CEWE Stiftung Co on November 5, 2025 and sell it today you would earn a total of 260.00 from holding CEWE Stiftung Co or generate 2.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CEWE Stiftung Co vs. ScanSource
Performance |
| Timeline |
| CEWE Stiftung |
| ScanSource |
CEWE Stiftung and ScanSource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CEWE Stiftung and ScanSource
The main advantage of trading using opposite CEWE Stiftung and ScanSource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CEWE Stiftung position performs unexpectedly, ScanSource 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 ScanSource will offset losses from the drop in ScanSource's long position.| CEWE Stiftung vs. NIPPON MEAT PACKERS | CEWE Stiftung vs. Performance Food Group | CEWE Stiftung vs. Tencent Music Entertainment | CEWE Stiftung vs. Sportsmans Warehouse Holdings |
| ScanSource vs. PARKEN Sport Entertainment | ScanSource vs. Transport International Holdings | ScanSource vs. ALTAIR RES INC | ScanSource vs. DICKS Sporting Goods |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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