Correlation Between G5 Entertainment and Storytel
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By analyzing existing cross correlation between G5 Entertainment publ and Storytel AB, you can compare the effects of market volatilities on G5 Entertainment and Storytel 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 G5 Entertainment with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of G5 Entertainment and Storytel.
Diversification Opportunities for G5 Entertainment and Storytel
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between G5EN and Storytel is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding G5 Entertainment publ and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel AB and G5 Entertainment 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 G5 Entertainment publ are associated (or correlated) with Storytel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Storytel AB has no effect on the direction of G5 Entertainment i.e., G5 Entertainment and Storytel go up and down completely randomly.
Pair Corralation between G5 Entertainment and Storytel
Assuming the 90 days trading horizon G5 Entertainment publ is expected to under-perform the Storytel. But the stock apears to be less risky and, when comparing its historical volatility, G5 Entertainment publ is 1.63 times less risky than Storytel. The stock trades about -0.05 of its potential returns per unit of risk. The Storytel AB is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 4,140 in Storytel AB on August 26, 2024 and sell it today you would earn a total of 1,980 from holding Storytel AB or generate 47.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
G5 Entertainment publ vs. Storytel AB
Performance |
| Timeline |
| G5 Entertainment publ |
| Storytel AB |
G5 Entertainment and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with G5 Entertainment and Storytel
The main advantage of trading using opposite G5 Entertainment and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if G5 Entertainment position performs unexpectedly, Storytel 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 Storytel will offset losses from the drop in Storytel's long position.| G5 Entertainment vs. Alfa Laval AB | G5 Entertainment vs. Anoto Group AB | G5 Entertainment vs. Active Biotech AB | G5 Entertainment vs. BioInvent International AB |
| Storytel vs. Stillfront Group AB | Storytel vs. Embracer Group AB | Storytel vs. Sinch AB | Storytel vs. Kambi Group PLC |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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