Correlation Between Exail Technologies and Bilendi
Can any of the company-specific risk be diversified away by investing in both Exail Technologies and Bilendi 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 Exail Technologies and Bilendi into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exail Technologies SA and Bilendi, you can compare the effects of market volatilities on Exail Technologies and Bilendi 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 Exail Technologies with a short position of Bilendi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exail Technologies and Bilendi.
Diversification Opportunities for Exail Technologies and Bilendi
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Exail and Bilendi is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Exail Technologies SA and Bilendi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bilendi and Exail Technologies 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 Exail Technologies SA are associated (or correlated) with Bilendi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bilendi has no effect on the direction of Exail Technologies i.e., Exail Technologies and Bilendi go up and down completely randomly.
Pair Corralation between Exail Technologies and Bilendi
Assuming the 90 days trading horizon Exail Technologies SA is expected to generate 0.97 times more return on investment than Bilendi. However, Exail Technologies SA is 1.04 times less risky than Bilendi. It trades about 0.0 of its potential returns per unit of risk. Bilendi is currently generating about -0.02 per unit of risk. If you would invest 1,930 in Exail Technologies SA on September 3, 2024 and sell it today you would lose (170.00) from holding Exail Technologies SA or give up 8.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Exail Technologies SA vs. Bilendi
Performance |
| Timeline |
| Exail Technologies |
| Bilendi |
Exail Technologies and Bilendi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exail Technologies and Bilendi
The main advantage of trading using opposite Exail Technologies and Bilendi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exail Technologies position performs unexpectedly, Bilendi 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 Bilendi will offset losses from the drop in Bilendi's long position.| Exail Technologies vs. Fiducial Office Solutions | Exail Technologies vs. Boiron SA | Exail Technologies vs. Reworld Media | Exail Technologies vs. BEBO Health SA |
| Bilendi vs. Linedata Services SA | Bilendi vs. Groupe Pizzorno Environnement | Bilendi vs. Affluent Medical SAS | Bilendi vs. Axway Software |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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