Correlation Between Genovis AB and Train Alliance
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By analyzing existing cross correlation between Genovis AB and Train Alliance Sweden, you can compare the effects of market volatilities on Genovis AB and Train Alliance 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 Genovis AB with a short position of Train Alliance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genovis AB and Train Alliance.
Diversification Opportunities for Genovis AB and Train Alliance
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Genovis and Train is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Genovis AB and Train Alliance Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Train Alliance Sweden and Genovis AB 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 Genovis AB are associated (or correlated) with Train Alliance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Train Alliance Sweden has no effect on the direction of Genovis AB i.e., Genovis AB and Train Alliance go up and down completely randomly.
Pair Corralation between Genovis AB and Train Alliance
Assuming the 90 days trading horizon Genovis AB is expected to generate 2.13 times more return on investment than Train Alliance. However, Genovis AB is 2.13 times more volatile than Train Alliance Sweden. It trades about -0.08 of its potential returns per unit of risk. Train Alliance Sweden is currently generating about -0.21 per unit of risk. If you would invest 2,680 in Genovis AB on September 13, 2024 and sell it today you would lose (150.00) from holding Genovis AB or give up 5.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Genovis AB vs. Train Alliance Sweden
Performance |
| Timeline |
| Genovis AB |
| Train Alliance Sweden |
Genovis AB and Train Alliance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genovis AB and Train Alliance
The main advantage of trading using opposite Genovis AB and Train Alliance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genovis AB position performs unexpectedly, Train Alliance 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 Train Alliance will offset losses from the drop in Train Alliance's long position.| Genovis AB vs. Train Alliance Sweden | Genovis AB vs. SaltX Technology Holding | Genovis AB vs. Arctic Blue Beverages | Genovis AB vs. New Nordic Healthbrands |
| Train Alliance vs. Systemair AB | Train Alliance vs. Garo AB | Train Alliance vs. KABE Group AB | Train Alliance vs. IAR Systems Group |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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