Correlation Between Peab AB and Beowulf Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Peab AB and Beowulf Mining PLC, you can compare the effects of market volatilities on Peab AB and Beowulf Mining 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 Peab AB with a short position of Beowulf Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peab AB and Beowulf Mining.
Diversification Opportunities for Peab AB and Beowulf Mining
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Peab and Beowulf is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Peab AB and Beowulf Mining PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beowulf Mining PLC and Peab 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 Peab AB are associated (or correlated) with Beowulf Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beowulf Mining PLC has no effect on the direction of Peab AB i.e., Peab AB and Beowulf Mining go up and down completely randomly.
Pair Corralation between Peab AB and Beowulf Mining
Assuming the 90 days trading horizon Peab AB is expected to generate 17.36 times less return on investment than Beowulf Mining. But when comparing it to its historical volatility, Peab AB is 31.33 times less risky than Beowulf Mining. It trades about 0.1 of its potential returns per unit of risk. Beowulf Mining PLC is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 19.00 in Beowulf Mining PLC on September 4, 2024 and sell it today you would earn a total of 185.00 from holding Beowulf Mining PLC or generate 973.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peab AB vs. Beowulf Mining PLC
Performance |
| Timeline |
| Peab AB |
| Beowulf Mining PLC |
Peab AB and Beowulf Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peab AB and Beowulf Mining
The main advantage of trading using opposite Peab AB and Beowulf Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peab AB position performs unexpectedly, Beowulf Mining 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 Beowulf Mining will offset losses from the drop in Beowulf Mining's long position.| Peab AB vs. USWE Sports AB | Peab AB vs. Nordea Bank Abp | Peab AB vs. Redsense Medical AB | Peab AB vs. Lundin Mining |
| Beowulf Mining vs. Nexam Chemical Holding | Beowulf Mining vs. Arion banki hf | Beowulf Mining vs. FormPipe Software AB | Beowulf Mining vs. Maven Wireless Sweden |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |