Correlation Between High Coast and Train Alliance
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By analyzing existing cross correlation between High Coast Distillery and Train Alliance Sweden, you can compare the effects of market volatilities on High Coast 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 High Coast with a short position of Train Alliance. Check out your portfolio center. Please also check ongoing floating volatility patterns of High Coast and Train Alliance.
Diversification Opportunities for High Coast and Train Alliance
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between High and Train is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding High Coast Distillery 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 High Coast 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 High Coast Distillery 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 High Coast i.e., High Coast and Train Alliance go up and down completely randomly.
Pair Corralation between High Coast and Train Alliance
Assuming the 90 days trading horizon High Coast Distillery is expected to generate 3.01 times more return on investment than Train Alliance. However, High Coast is 3.01 times more volatile than Train Alliance Sweden. It trades about 0.03 of its potential returns per unit of risk. Train Alliance Sweden is currently generating about -0.36 per unit of risk. If you would invest 4,440 in High Coast Distillery on September 4, 2024 and sell it today you would earn a total of 60.00 from holding High Coast Distillery or generate 1.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
High Coast Distillery vs. Train Alliance Sweden
Performance |
| Timeline |
| High Coast Distillery |
| Train Alliance Sweden |
High Coast and Train Alliance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with High Coast and Train Alliance
The main advantage of trading using opposite High Coast and Train Alliance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if High Coast 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.| High Coast vs. Cint Group AB | High Coast vs. Nordic Waterproofing Holding | High Coast vs. Synsam AB | High Coast vs. Inwido AB |
| Train Alliance vs. Sdiptech AB | Train Alliance vs. AB Sagax | Train Alliance vs. Corem Property Group | Train Alliance vs. Volati 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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