Correlation Between ExpreS2ion Biotech and Scandinavian ChemoTech
Specify exactly 2 symbols:
By analyzing existing cross correlation between ExpreS2ion Biotech Holding and Scandinavian ChemoTech AB, you can compare the effects of market volatilities on ExpreS2ion Biotech and Scandinavian ChemoTech 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 ExpreS2ion Biotech with a short position of Scandinavian ChemoTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of ExpreS2ion Biotech and Scandinavian ChemoTech.
Diversification Opportunities for ExpreS2ion Biotech and Scandinavian ChemoTech
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between ExpreS2ion and Scandinavian is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding ExpreS2ion Biotech Holding and Scandinavian ChemoTech AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scandinavian ChemoTech and ExpreS2ion Biotech 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 ExpreS2ion Biotech Holding are associated (or correlated) with Scandinavian ChemoTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scandinavian ChemoTech has no effect on the direction of ExpreS2ion Biotech i.e., ExpreS2ion Biotech and Scandinavian ChemoTech go up and down completely randomly.
Pair Corralation between ExpreS2ion Biotech and Scandinavian ChemoTech
Assuming the 90 days trading horizon ExpreS2ion Biotech Holding is expected to under-perform the Scandinavian ChemoTech. In addition to that, ExpreS2ion Biotech is 1.29 times more volatile than Scandinavian ChemoTech AB. It trades about -0.08 of its total potential returns per unit of risk. Scandinavian ChemoTech AB is currently generating about -0.02 per unit of volatility. If you would invest 226.00 in Scandinavian ChemoTech AB on September 3, 2024 and sell it today you would lose (52.00) from holding Scandinavian ChemoTech AB or give up 23.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ExpreS2ion Biotech Holding vs. Scandinavian ChemoTech AB
Performance |
| Timeline |
| ExpreS2ion Biotech |
| Scandinavian ChemoTech |
ExpreS2ion Biotech and Scandinavian ChemoTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ExpreS2ion Biotech and Scandinavian ChemoTech
The main advantage of trading using opposite ExpreS2ion Biotech and Scandinavian ChemoTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ExpreS2ion Biotech position performs unexpectedly, Scandinavian ChemoTech 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 Scandinavian ChemoTech will offset losses from the drop in Scandinavian ChemoTech's long position.| ExpreS2ion Biotech vs. Bavarian Nordic | ExpreS2ion Biotech vs. BioPorto | ExpreS2ion Biotech vs. Zaptec AS | ExpreS2ion Biotech vs. cBrain AS |
| Scandinavian ChemoTech vs. Vicore Pharma Holding | Scandinavian ChemoTech vs. Enorama Pharma AB | Scandinavian ChemoTech vs. Xintela AB | Scandinavian ChemoTech vs. Alzinova 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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |