Correlation Between Elliptic Laboratories and Pexip Holding
Can any of the company-specific risk be diversified away by investing in both Elliptic Laboratories and Pexip Holding 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 Elliptic Laboratories and Pexip Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elliptic Laboratories AS and Pexip Holding ASA, you can compare the effects of market volatilities on Elliptic Laboratories and Pexip Holding 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 Elliptic Laboratories with a short position of Pexip Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elliptic Laboratories and Pexip Holding.
Diversification Opportunities for Elliptic Laboratories and Pexip Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elliptic and Pexip is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elliptic Laboratories AS and Pexip Holding ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pexip Holding ASA and Elliptic Laboratories 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 Elliptic Laboratories AS are associated (or correlated) with Pexip Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pexip Holding ASA has no effect on the direction of Elliptic Laboratories i.e., Elliptic Laboratories and Pexip Holding go up and down completely randomly.
Pair Corralation between Elliptic Laboratories and Pexip Holding
If you would invest (100.00) in Pexip Holding ASA on August 30, 2024 and sell it today you would earn a total of 100.00 from holding Pexip Holding ASA or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Elliptic Laboratories AS vs. Pexip Holding ASA
Performance |
| Timeline |
| Elliptic Laboratories |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Pexip Holding ASA |
Elliptic Laboratories and Pexip Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elliptic Laboratories and Pexip Holding
The main advantage of trading using opposite Elliptic Laboratories and Pexip Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elliptic Laboratories position performs unexpectedly, Pexip Holding 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 Pexip Holding will offset losses from the drop in Pexip Holding's long position.| Elliptic Laboratories vs. ExpreS2ion Biotech Holding | Elliptic Laboratories vs. Kongsberg Automotive Holding |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |