Correlation Between KlaraBo Sverige and Hexatronic Group
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By analyzing existing cross correlation between KlaraBo Sverige AB and Hexatronic Group AB, you can compare the effects of market volatilities on KlaraBo Sverige and Hexatronic Group 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 KlaraBo Sverige with a short position of Hexatronic Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of KlaraBo Sverige and Hexatronic Group.
Diversification Opportunities for KlaraBo Sverige and Hexatronic Group
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between KlaraBo and Hexatronic is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding KlaraBo Sverige AB and Hexatronic Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hexatronic Group and KlaraBo Sverige 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 KlaraBo Sverige AB are associated (or correlated) with Hexatronic Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hexatronic Group has no effect on the direction of KlaraBo Sverige i.e., KlaraBo Sverige and Hexatronic Group go up and down completely randomly.
Pair Corralation between KlaraBo Sverige and Hexatronic Group
Assuming the 90 days trading horizon KlaraBo Sverige AB is expected to generate 1.19 times more return on investment than Hexatronic Group. However, KlaraBo Sverige is 1.19 times more volatile than Hexatronic Group AB. It trades about -0.13 of its potential returns per unit of risk. Hexatronic Group AB is currently generating about -0.3 per unit of risk. If you would invest 2,075 in KlaraBo Sverige AB on September 2, 2024 and sell it today you would lose (159.00) from holding KlaraBo Sverige AB or give up 7.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
KlaraBo Sverige AB vs. Hexatronic Group AB
Performance |
| Timeline |
| KlaraBo Sverige AB |
| Hexatronic Group |
KlaraBo Sverige and Hexatronic Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KlaraBo Sverige and Hexatronic Group
The main advantage of trading using opposite KlaraBo Sverige and Hexatronic Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KlaraBo Sverige position performs unexpectedly, Hexatronic Group 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 Hexatronic Group will offset losses from the drop in Hexatronic Group's long position.| KlaraBo Sverige vs. JLT Mobile Computers | KlaraBo Sverige vs. G5 Entertainment publ | KlaraBo Sverige vs. Avanza Bank Holding | KlaraBo Sverige vs. 24SevenOffice Scandinavia AB |
| Hexatronic Group vs. Samhllsbyggnadsbolaget i Norden | Hexatronic Group vs. Sinch AB | Hexatronic Group vs. Embracer Group AB | Hexatronic Group vs. Evolution 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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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