Correlation Between Idogen AB and Scout Gaming
Can any of the company-specific risk be diversified away by investing in both Idogen AB and Scout Gaming 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 Idogen AB and Scout Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Idogen AB and Scout Gaming Group, you can compare the effects of market volatilities on Idogen AB and Scout Gaming 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 Idogen AB with a short position of Scout Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Idogen AB and Scout Gaming.
Diversification Opportunities for Idogen AB and Scout Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Idogen and Scout is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Idogen AB and Scout Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scout Gaming Group and Idogen AB 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 Idogen AB are associated (or correlated) with Scout Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scout Gaming Group has no effect on the direction of Idogen AB i.e., Idogen AB and Scout Gaming go up and down completely randomly.
Pair Corralation between Idogen AB and Scout Gaming
If you would invest 25.00 in Scout Gaming Group on September 3, 2024 and sell it today you would earn a total of 2.00 from holding Scout Gaming Group or generate 8.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Idogen AB vs. Scout Gaming Group
Performance |
| Timeline |
| Idogen AB |
| Scout Gaming Group |
Idogen AB and Scout Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Idogen AB and Scout Gaming
The main advantage of trading using opposite Idogen AB and Scout Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Idogen AB position performs unexpectedly, Scout Gaming 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 Scout Gaming will offset losses from the drop in Scout Gaming's long position.| Idogen AB vs. Simris Alg AB | Idogen AB vs. Immunovia publ AB | Idogen AB vs. Sedana Medical AB | Idogen AB vs. KABE Group AB |
| Scout Gaming vs. Idogen AB | Scout Gaming vs. Clean Motion AB | Scout Gaming vs. Arion banki hf | Scout Gaming vs. KABE Group 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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