Correlation Between SCANDMEDICAL SOLDK-040 and Coloplast A/S
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By analyzing existing cross correlation between SCANDMEDICAL SOLDK 040 and Coloplast AS, you can compare the effects of market volatilities on SCANDMEDICAL SOLDK-040 and Coloplast A/S 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 SCANDMEDICAL SOLDK-040 with a short position of Coloplast A/S. Check out your portfolio center. Please also check ongoing floating volatility patterns of SCANDMEDICAL SOLDK-040 and Coloplast A/S.
Diversification Opportunities for SCANDMEDICAL SOLDK-040 and Coloplast A/S
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between SCANDMEDICAL and Coloplast is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding SCANDMEDICAL SOLDK 040 and Coloplast AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coloplast A/S and SCANDMEDICAL SOLDK-040 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 SCANDMEDICAL SOLDK 040 are associated (or correlated) with Coloplast A/S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coloplast A/S has no effect on the direction of SCANDMEDICAL SOLDK-040 i.e., SCANDMEDICAL SOLDK-040 and Coloplast A/S go up and down completely randomly.
Pair Corralation between SCANDMEDICAL SOLDK-040 and Coloplast A/S
Assuming the 90 days horizon SCANDMEDICAL SOLDK 040 is expected to under-perform the Coloplast A/S. In addition to that, SCANDMEDICAL SOLDK-040 is 2.41 times more volatile than Coloplast AS. It trades about -0.01 of its total potential returns per unit of risk. Coloplast AS is currently generating about 0.02 per unit of volatility. If you would invest 11,880 in Coloplast AS on September 5, 2024 and sell it today you would earn a total of 70.00 from holding Coloplast AS or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
SCANDMEDICAL SOLDK 040 vs. Coloplast AS
Performance |
| Timeline |
| SCANDMEDICAL SOLDK 040 |
| Coloplast A/S |
SCANDMEDICAL SOLDK-040 and Coloplast A/S Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SCANDMEDICAL SOLDK-040 and Coloplast A/S
The main advantage of trading using opposite SCANDMEDICAL SOLDK-040 and Coloplast A/S positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SCANDMEDICAL SOLDK-040 position performs unexpectedly, Coloplast A/S 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 Coloplast A/S will offset losses from the drop in Coloplast A/S's long position.| SCANDMEDICAL SOLDK-040 vs. Stryker | SCANDMEDICAL SOLDK-040 vs. Insulet | SCANDMEDICAL SOLDK-040 vs. Superior Plus Corp | SCANDMEDICAL SOLDK-040 vs. NMI Holdings |
| Coloplast A/S vs. SCANDMEDICAL SOLDK 040 | Coloplast A/S vs. Compugroup Medical SE | Coloplast A/S vs. Harmony Gold Mining | Coloplast A/S vs. Zijin Mining Group |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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