Correlation Between Hawesko Holding and SIEM OFFSHORE
Can any of the company-specific risk be diversified away by investing in both Hawesko Holding and SIEM OFFSHORE 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 Hawesko Holding and SIEM OFFSHORE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hawesko Holding AG and SIEM OFFSHORE NEW, you can compare the effects of market volatilities on Hawesko Holding and SIEM OFFSHORE 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 Hawesko Holding with a short position of SIEM OFFSHORE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawesko Holding and SIEM OFFSHORE.
Diversification Opportunities for Hawesko Holding and SIEM OFFSHORE
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hawesko and SIEM is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Hawesko Holding AG and SIEM OFFSHORE NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SIEM OFFSHORE NEW and Hawesko Holding 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 Hawesko Holding AG are associated (or correlated) with SIEM OFFSHORE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SIEM OFFSHORE NEW has no effect on the direction of Hawesko Holding i.e., Hawesko Holding and SIEM OFFSHORE go up and down completely randomly.
Pair Corralation between Hawesko Holding and SIEM OFFSHORE
Assuming the 90 days trading horizon Hawesko Holding AG is expected to under-perform the SIEM OFFSHORE. But the stock apears to be less risky and, when comparing its historical volatility, Hawesko Holding AG is 1.7 times less risky than SIEM OFFSHORE. The stock trades about -0.09 of its potential returns per unit of risk. The SIEM OFFSHORE NEW is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 265.00 in SIEM OFFSHORE NEW on September 3, 2024 and sell it today you would lose (31.00) from holding SIEM OFFSHORE NEW or give up 11.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hawesko Holding AG vs. SIEM OFFSHORE NEW
Performance |
| Timeline |
| Hawesko Holding AG |
| SIEM OFFSHORE NEW |
Hawesko Holding and SIEM OFFSHORE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hawesko Holding and SIEM OFFSHORE
The main advantage of trading using opposite Hawesko Holding and SIEM OFFSHORE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawesko Holding position performs unexpectedly, SIEM OFFSHORE 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 SIEM OFFSHORE will offset losses from the drop in SIEM OFFSHORE's long position.| Hawesko Holding vs. STMicroelectronics NV | Hawesko Holding vs. LPKF Laser Electronics | Hawesko Holding vs. INTERSHOP Communications Aktiengesellschaft | Hawesko Holding vs. Mitsui Chemicals |
| SIEM OFFSHORE vs. Corsair Gaming | SIEM OFFSHORE vs. Air New Zealand | SIEM OFFSHORE vs. SYSTEMAIR AB | SIEM OFFSHORE vs. ALTAIR RES INC |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |