Correlation Between Cogent Communications and Sartorius Aktiengesellscha
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By analyzing existing cross correlation between Cogent Communications Holdings and Sartorius Aktiengesellschaft, you can compare the effects of market volatilities on Cogent Communications and Sartorius Aktiengesellscha 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 Cogent Communications with a short position of Sartorius Aktiengesellscha. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cogent Communications and Sartorius Aktiengesellscha.
Diversification Opportunities for Cogent Communications and Sartorius Aktiengesellscha
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cogent and Sartorius is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Cogent Communications Holdings and Sartorius Aktiengesellschaft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sartorius Aktiengesellscha and Cogent Communications 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 Cogent Communications Holdings are associated (or correlated) with Sartorius Aktiengesellscha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sartorius Aktiengesellscha has no effect on the direction of Cogent Communications i.e., Cogent Communications and Sartorius Aktiengesellscha go up and down completely randomly.
Pair Corralation between Cogent Communications and Sartorius Aktiengesellscha
Assuming the 90 days trading horizon Cogent Communications Holdings is expected to generate 0.72 times more return on investment than Sartorius Aktiengesellscha. However, Cogent Communications Holdings is 1.38 times less risky than Sartorius Aktiengesellscha. It trades about 0.04 of its potential returns per unit of risk. Sartorius Aktiengesellschaft is currently generating about -0.04 per unit of risk. If you would invest 6,204 in Cogent Communications Holdings on September 14, 2024 and sell it today you would earn a total of 1,046 from holding Cogent Communications Holdings or generate 16.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Cogent Communications Holdings vs. Sartorius Aktiengesellschaft
Performance |
| Timeline |
| Cogent Communications |
| Sartorius Aktiengesellscha |
Cogent Communications and Sartorius Aktiengesellscha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cogent Communications and Sartorius Aktiengesellscha
The main advantage of trading using opposite Cogent Communications and Sartorius Aktiengesellscha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cogent Communications position performs unexpectedly, Sartorius Aktiengesellscha 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 Sartorius Aktiengesellscha will offset losses from the drop in Sartorius Aktiengesellscha's long position.| Cogent Communications vs. Superior Plus Corp | Cogent Communications vs. SIVERS SEMICONDUCTORS AB | Cogent Communications vs. Norsk Hydro ASA | Cogent Communications vs. Reliance Steel Aluminum |
| Sartorius Aktiengesellscha vs. Superior Plus Corp | Sartorius Aktiengesellscha vs. NMI Holdings | Sartorius Aktiengesellscha vs. SIVERS SEMICONDUCTORS AB | Sartorius Aktiengesellscha vs. NorAm Drilling AS |
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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