Correlation Between SIEM OFFSHORE and Lery Seafood
Can any of the company-specific risk be diversified away by investing in both SIEM OFFSHORE and Lery Seafood at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SIEM OFFSHORE and Lery Seafood into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SIEM OFFSHORE NEW and Lery Seafood Group, you can compare the effects of market volatilities on SIEM OFFSHORE and Lery Seafood 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 SIEM OFFSHORE with a short position of Lery Seafood. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIEM OFFSHORE and Lery Seafood.
Diversification Opportunities for SIEM OFFSHORE and Lery Seafood
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SIEM and Lery is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding SIEM OFFSHORE NEW and Lery Seafood Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lery Seafood Group and SIEM OFFSHORE 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 SIEM OFFSHORE NEW are associated (or correlated) with Lery Seafood. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lery Seafood Group has no effect on the direction of SIEM OFFSHORE i.e., SIEM OFFSHORE and Lery Seafood go up and down completely randomly.
Pair Corralation between SIEM OFFSHORE and Lery Seafood
Assuming the 90 days trading horizon SIEM OFFSHORE is expected to generate 1.43 times less return on investment than Lery Seafood. In addition to that, SIEM OFFSHORE is 5.88 times more volatile than Lery Seafood Group. It trades about 0.04 of its total potential returns per unit of risk. Lery Seafood Group is currently generating about 0.34 per unit of volatility. If you would invest 405.00 in Lery Seafood Group on October 20, 2024 and sell it today you would earn a total of 35.00 from holding Lery Seafood Group or generate 8.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SIEM OFFSHORE NEW vs. Lery Seafood Group
Performance |
| Timeline |
| SIEM OFFSHORE NEW |
| Lery Seafood Group |
SIEM OFFSHORE and Lery Seafood Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIEM OFFSHORE and Lery Seafood
The main advantage of trading using opposite SIEM OFFSHORE and Lery Seafood positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIEM OFFSHORE position performs unexpectedly, Lery Seafood 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 Lery Seafood will offset losses from the drop in Lery Seafood's long position.| SIEM OFFSHORE vs. TRADELINK ELECTRON | SIEM OFFSHORE vs. SALESFORCE INC CDR | SIEM OFFSHORE vs. T Mobile | SIEM OFFSHORE vs. TRADEDOUBLER AB SK |
| Lery Seafood vs. Mowi ASA | Lery Seafood vs. LEROY SEAFOOD GRUNSPADR | Lery Seafood vs. Yihai International Holding | Lery Seafood vs. Lery Seafood Group |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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