Correlation Between AB Sagax and NP3 Fastigheter
Specify exactly 2 symbols:
By analyzing existing cross correlation between AB Sagax and NP3 Fastigheter AB, you can compare the effects of market volatilities on AB Sagax and NP3 Fastigheter 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 AB Sagax with a short position of NP3 Fastigheter. Check out your portfolio center. Please also check ongoing floating volatility patterns of AB Sagax and NP3 Fastigheter.
Diversification Opportunities for AB Sagax and NP3 Fastigheter
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SAGA-D and NP3 is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding AB Sagax and NP3 Fastigheter AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NP3 Fastigheter AB and AB Sagax 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 AB Sagax are associated (or correlated) with NP3 Fastigheter. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NP3 Fastigheter AB has no effect on the direction of AB Sagax i.e., AB Sagax and NP3 Fastigheter go up and down completely randomly.
Pair Corralation between AB Sagax and NP3 Fastigheter
Assuming the 90 days trading horizon AB Sagax is expected to generate 1.24 times more return on investment than NP3 Fastigheter. However, AB Sagax is 1.24 times more volatile than NP3 Fastigheter AB. It trades about -0.03 of its potential returns per unit of risk. NP3 Fastigheter AB is currently generating about -0.05 per unit of risk. If you would invest 3,195 in AB Sagax on September 2, 2024 and sell it today you would lose (15.00) from holding AB Sagax or give up 0.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AB Sagax vs. NP3 Fastigheter AB
Performance |
| Timeline |
| AB Sagax |
| NP3 Fastigheter AB |
AB Sagax and NP3 Fastigheter Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AB Sagax and NP3 Fastigheter
The main advantage of trading using opposite AB Sagax and NP3 Fastigheter positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AB Sagax position performs unexpectedly, NP3 Fastigheter 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 NP3 Fastigheter will offset losses from the drop in NP3 Fastigheter's long position.| AB Sagax vs. Fastighets AB Balder | AB Sagax vs. Fabege AB | AB Sagax vs. Wihlborgs Fastigheter AB | AB Sagax vs. Castellum AB |
| NP3 Fastigheter vs. Corem Property Group | NP3 Fastigheter vs. AB Sagax | NP3 Fastigheter vs. NP3 Fastigheter AB | NP3 Fastigheter vs. Samhaellsbyggnadsbolaget i Norden |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |