Correlation Between Paxman AB and Implantica
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By analyzing existing cross correlation between Paxman AB and Implantica AG, you can compare the effects of market volatilities on Paxman AB and Implantica 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 Paxman AB with a short position of Implantica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Paxman AB and Implantica.
Diversification Opportunities for Paxman AB and Implantica
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Paxman and Implantica is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Paxman AB and Implantica AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Implantica AG and Paxman 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 Paxman AB are associated (or correlated) with Implantica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Implantica AG has no effect on the direction of Paxman AB i.e., Paxman AB and Implantica go up and down completely randomly.
Pair Corralation between Paxman AB and Implantica
Assuming the 90 days trading horizon Paxman AB is expected to generate 0.91 times more return on investment than Implantica. However, Paxman AB is 1.1 times less risky than Implantica. It trades about 0.06 of its potential returns per unit of risk. Implantica AG is currently generating about 0.01 per unit of risk. If you would invest 3,930 in Paxman AB on September 1, 2024 and sell it today you would earn a total of 3,530 from holding Paxman AB or generate 89.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Paxman AB vs. Implantica AG
Performance |
| Timeline |
| Paxman AB |
| Implantica AG |
Paxman AB and Implantica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Paxman AB and Implantica
The main advantage of trading using opposite Paxman AB and Implantica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Paxman AB position performs unexpectedly, Implantica 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 Implantica will offset losses from the drop in Implantica's long position.| Paxman AB vs. Dignitana AB | Paxman AB vs. C Rad AB | Paxman AB vs. Surgical Science Sweden | Paxman AB vs. Sedana Medical AB |
| Implantica vs. Bonesupport Holding AB | Implantica vs. Surgical Science Sweden | Implantica vs. Storytel 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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