Correlation Between Modelon AB and Kancera AB
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By analyzing existing cross correlation between Modelon AB Cl and Kancera AB, you can compare the effects of market volatilities on Modelon AB and Kancera AB 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 Modelon AB with a short position of Kancera AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Modelon AB and Kancera AB.
Diversification Opportunities for Modelon AB and Kancera AB
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Modelon and Kancera is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Modelon AB Cl and Kancera AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kancera AB and Modelon 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 Modelon AB Cl are associated (or correlated) with Kancera AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kancera AB has no effect on the direction of Modelon AB i.e., Modelon AB and Kancera AB go up and down completely randomly.
Pair Corralation between Modelon AB and Kancera AB
Assuming the 90 days trading horizon Modelon AB Cl is expected to under-perform the Kancera AB. But the stock apears to be less risky and, when comparing its historical volatility, Modelon AB Cl is 1.74 times less risky than Kancera AB. The stock trades about 0.0 of its potential returns per unit of risk. The Kancera AB is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 215.00 in Kancera AB on September 4, 2024 and sell it today you would lose (106.00) from holding Kancera AB or give up 49.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Modelon AB Cl vs. Kancera AB
Performance |
| Timeline |
| Modelon AB Cl |
| Kancera AB |
Modelon AB and Kancera AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Modelon AB and Kancera AB
The main advantage of trading using opposite Modelon AB and Kancera AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Modelon AB position performs unexpectedly, Kancera AB 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 Kancera AB will offset losses from the drop in Kancera AB's long position.| Modelon AB vs. Greater Than AB | Modelon AB vs. FormPipe Software AB | Modelon AB vs. MOBA Network publ | Modelon AB vs. Exsitec Holding AB |
| Kancera AB vs. Combigene AB | Kancera AB vs. Cantargia AB | Kancera AB vs. Fingerprint Cards AB | Kancera AB vs. Spectrumone publ 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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