Correlation Between Hexatronic Group and Storytel
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By analyzing existing cross correlation between Hexatronic Group AB and Storytel AB, you can compare the effects of market volatilities on Hexatronic Group 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 Hexatronic Group with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hexatronic Group and Storytel.
Diversification Opportunities for Hexatronic Group and Storytel
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hexatronic and Storytel is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Hexatronic Group AB and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel 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 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 Hexatronic Group i.e., Hexatronic Group and Storytel go up and down completely randomly.
Pair Corralation between Hexatronic Group and Storytel
Assuming the 90 days trading horizon Hexatronic Group AB is expected to under-perform the Storytel. In addition to that, Hexatronic Group is 1.14 times more volatile than Storytel AB. It trades about -0.29 of its total potential returns per unit of risk. Storytel AB is currently generating about -0.22 per unit of volatility. If you would invest 6,655 in Storytel AB on September 1, 2024 and sell it today you would lose (605.00) from holding Storytel AB or give up 9.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hexatronic Group AB vs. Storytel AB
Performance |
| Timeline |
| Hexatronic Group |
| Storytel AB |
Hexatronic Group and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hexatronic Group and Storytel
The main advantage of trading using opposite Hexatronic Group and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hexatronic Group 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.| Hexatronic Group vs. Samhllsbyggnadsbolaget i Norden | Hexatronic Group vs. Sinch AB | Hexatronic Group vs. Embracer Group AB | Hexatronic Group vs. Evolution 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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