Correlation Between SAITECH Global and Stifel Financial
Can any of the company-specific risk be diversified away by investing in both SAITECH Global and Stifel Financial 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 SAITECH Global and Stifel Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SAITECH Global and Stifel Financial Corp, you can compare the effects of market volatilities on SAITECH Global and Stifel Financial 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 SAITECH Global with a short position of Stifel Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of SAITECH Global and Stifel Financial.
Diversification Opportunities for SAITECH Global and Stifel Financial
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between SAITECH and Stifel is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding SAITECH Global and Stifel Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stifel Financial Corp and SAITECH Global 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 SAITECH Global are associated (or correlated) with Stifel Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stifel Financial Corp has no effect on the direction of SAITECH Global i.e., SAITECH Global and Stifel Financial go up and down completely randomly.
Pair Corralation between SAITECH Global and Stifel Financial
If you would invest 76.00 in SAITECH Global on August 30, 2024 and sell it today you would earn a total of 0.00 from holding SAITECH Global or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
SAITECH Global vs. Stifel Financial Corp
Performance |
| Timeline |
| SAITECH Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Stifel Financial Corp |
SAITECH Global and Stifel Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SAITECH Global and Stifel Financial
The main advantage of trading using opposite SAITECH Global and Stifel Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SAITECH Global position performs unexpectedly, Stifel Financial 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 Stifel Financial will offset losses from the drop in Stifel Financial's long position.| SAITECH Global vs. Zhong Yang Financial | SAITECH Global vs. Netcapital | SAITECH Global vs. Magic Empire Global | SAITECH Global vs. Applied Blockchain |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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