Correlation Between Kambi Group and Storytel
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By analyzing existing cross correlation between Kambi Group PLC and Storytel AB, you can compare the effects of market volatilities on Kambi 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 Kambi Group with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kambi Group and Storytel.
Diversification Opportunities for Kambi Group and Storytel
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Kambi and Storytel is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Kambi Group PLC and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel AB and Kambi 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 Kambi Group PLC 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 Kambi Group i.e., Kambi Group and Storytel go up and down completely randomly.
Pair Corralation between Kambi Group and Storytel
Assuming the 90 days trading horizon Kambi Group is expected to generate 3.78 times less return on investment than Storytel. But when comparing it to its historical volatility, Kambi Group PLC is 1.02 times less risky than Storytel. It trades about 0.04 of its potential returns per unit of risk. Storytel AB is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 5,405 in Storytel AB on November 3, 2024 and sell it today you would earn a total of 2,590 from holding Storytel AB or generate 47.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kambi Group PLC vs. Storytel AB
Performance |
| Timeline |
| Kambi Group PLC |
| Storytel AB |
Kambi Group and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kambi Group and Storytel
The main advantage of trading using opposite Kambi Group and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kambi 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.| Kambi Group vs. Evolution AB | Kambi Group vs. Embracer Group AB | Kambi Group vs. Betsson AB | Kambi Group vs. Catena Media plc |
| 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 Stocks Directory module to find actively traded stocks across global markets.
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