Correlation Between Humble Group and Beowulf Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Humble Group AB and Beowulf Mining PLC, you can compare the effects of market volatilities on Humble Group and Beowulf Mining 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 Humble Group with a short position of Beowulf Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humble Group and Beowulf Mining.
Diversification Opportunities for Humble Group and Beowulf Mining
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Humble and Beowulf is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Humble Group AB and Beowulf Mining PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beowulf Mining PLC and Humble 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 Humble Group AB are associated (or correlated) with Beowulf Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beowulf Mining PLC has no effect on the direction of Humble Group i.e., Humble Group and Beowulf Mining go up and down completely randomly.
Pair Corralation between Humble Group and Beowulf Mining
Assuming the 90 days trading horizon Humble Group AB is expected to generate 0.81 times more return on investment than Beowulf Mining. However, Humble Group AB is 1.24 times less risky than Beowulf Mining. It trades about 0.23 of its potential returns per unit of risk. Beowulf Mining PLC is currently generating about -0.35 per unit of risk. If you would invest 1,061 in Humble Group AB on September 13, 2024 and sell it today you would earn a total of 176.00 from holding Humble Group AB or generate 16.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humble Group AB vs. Beowulf Mining PLC
Performance |
| Timeline |
| Humble Group AB |
| Beowulf Mining PLC |
Humble Group and Beowulf Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humble Group and Beowulf Mining
The main advantage of trading using opposite Humble Group and Beowulf Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humble Group position performs unexpectedly, Beowulf Mining 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 Beowulf Mining will offset losses from the drop in Beowulf Mining's long position.| Humble Group vs. Samhllsbyggnadsbolaget i Norden | Humble Group vs. Media and Games | Humble Group vs. Hexatronic Group AB | Humble Group vs. Sinch AB |
| Beowulf Mining vs. Lundin Mining | Beowulf Mining vs. Addtech AB | Beowulf Mining vs. Nitro Games Oyj | Beowulf Mining vs. Sdiptech 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |