Correlation Between Hexatronic Group and KebNi AB
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By analyzing existing cross correlation between Hexatronic Group AB and KebNi AB, you can compare the effects of market volatilities on Hexatronic Group and KebNi AB 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 Hexatronic Group with a short position of KebNi AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hexatronic Group and KebNi AB.
Diversification Opportunities for Hexatronic Group and KebNi AB
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hexatronic and KebNi is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Hexatronic Group AB and KebNi AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KebNi AB and Hexatronic Group 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 Hexatronic Group AB are associated (or correlated) with KebNi AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KebNi AB has no effect on the direction of Hexatronic Group i.e., Hexatronic Group and KebNi AB go up and down completely randomly.
Pair Corralation between Hexatronic Group and KebNi AB
Assuming the 90 days trading horizon Hexatronic Group AB is expected to generate 1.43 times more return on investment than KebNi AB. However, Hexatronic Group is 1.43 times more volatile than KebNi AB. It trades about -0.02 of its potential returns per unit of risk. KebNi AB is currently generating about -0.14 per unit of risk. If you would invest 4,549 in Hexatronic Group AB on August 30, 2024 and sell it today you would lose (801.00) from holding Hexatronic Group AB or give up 17.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hexatronic Group AB vs. KebNi AB
Performance |
| Timeline |
| Hexatronic Group |
| KebNi AB |
Hexatronic Group and KebNi AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hexatronic Group and KebNi AB
The main advantage of trading using opposite Hexatronic Group and KebNi AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hexatronic Group position performs unexpectedly, KebNi AB 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 KebNi AB will offset losses from the drop in KebNi AB's long position.| Hexatronic Group vs. Troax Group AB | Hexatronic Group vs. NIBE Industrier AB | Hexatronic Group vs. Bufab Holding AB | Hexatronic Group vs. MIPS AB |
| KebNi AB vs. Goodbye Kansas Group | KebNi AB vs. Enersize Oy | KebNi AB vs. SaltX Technology Holding | KebNi AB vs. Oncopeptides 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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