Correlation Between NCAB and KlaraBo Sverige
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By analyzing existing cross correlation between NCAB Group and KlaraBo Sverige AB, you can compare the effects of market volatilities on NCAB and KlaraBo Sverige 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 NCAB with a short position of KlaraBo Sverige. Check out your portfolio center. Please also check ongoing floating volatility patterns of NCAB and KlaraBo Sverige.
Diversification Opportunities for NCAB and KlaraBo Sverige
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NCAB and KlaraBo is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding NCAB Group and KlaraBo Sverige AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KlaraBo Sverige AB and NCAB 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 NCAB Group are associated (or correlated) with KlaraBo Sverige. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KlaraBo Sverige AB has no effect on the direction of NCAB i.e., NCAB and KlaraBo Sverige go up and down completely randomly.
Pair Corralation between NCAB and KlaraBo Sverige
Assuming the 90 days trading horizon NCAB Group is expected to under-perform the KlaraBo Sverige. But the stock apears to be less risky and, when comparing its historical volatility, NCAB Group is 1.23 times less risky than KlaraBo Sverige. The stock trades about -0.26 of its potential returns per unit of risk. The KlaraBo Sverige AB is currently generating about -0.13 of returns per unit of risk over similar time horizon. 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 |
NCAB Group vs. KlaraBo Sverige AB
Performance |
| Timeline |
| NCAB Group |
| KlaraBo Sverige AB |
NCAB and KlaraBo Sverige Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NCAB and KlaraBo Sverige
The main advantage of trading using opposite NCAB and KlaraBo Sverige positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NCAB position performs unexpectedly, KlaraBo Sverige 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 KlaraBo Sverige will offset losses from the drop in KlaraBo Sverige's long position.| NCAB vs. MIPS AB | NCAB vs. Hexatronic Group AB | NCAB vs. Lagercrantz Group AB | NCAB vs. Vitec Software Group |
| KlaraBo Sverige vs. JLT Mobile Computers | KlaraBo Sverige vs. G5 Entertainment publ | KlaraBo Sverige vs. Avanza Bank Holding | KlaraBo Sverige vs. 24SevenOffice Scandinavia 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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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