Correlation Between LED IBond and Shape Robotics
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By analyzing existing cross correlation between LED iBond International and Shape Robotics AS, you can compare the effects of market volatilities on LED IBond and Shape Robotics 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 LED IBond with a short position of Shape Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of LED IBond and Shape Robotics.
Diversification Opportunities for LED IBond and Shape Robotics
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between LED and Shape is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding LED iBond International and Shape Robotics AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shape Robotics AS and LED IBond 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 LED iBond International are associated (or correlated) with Shape Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shape Robotics AS has no effect on the direction of LED IBond i.e., LED IBond and Shape Robotics go up and down completely randomly.
Pair Corralation between LED IBond and Shape Robotics
Assuming the 90 days trading horizon LED iBond International is expected to generate 2.59 times more return on investment than Shape Robotics. However, LED IBond is 2.59 times more volatile than Shape Robotics AS. It trades about 0.02 of its potential returns per unit of risk. Shape Robotics AS is currently generating about 0.0 per unit of risk. If you would invest 80.00 in LED iBond International on August 29, 2024 and sell it today you would lose (47.00) from holding LED iBond International or give up 58.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
LED iBond International vs. Shape Robotics AS
Performance |
| Timeline |
| LED iBond International |
| Shape Robotics AS |
LED IBond and Shape Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LED IBond and Shape Robotics
The main advantage of trading using opposite LED IBond and Shape Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LED IBond position performs unexpectedly, Shape Robotics 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 Shape Robotics will offset losses from the drop in Shape Robotics' long position.| LED IBond vs. BankInvest Optima 30 | LED IBond vs. Gabriel Holding | LED IBond vs. Maj Invest Glob | LED IBond vs. Fundamental Invest Stock |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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