Correlation Between SaltX Technology and KebNi AB
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By analyzing existing cross correlation between SaltX Technology Holding and KebNi AB, you can compare the effects of market volatilities on SaltX Technology and KebNi AB 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 SaltX Technology with a short position of KebNi AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of SaltX Technology and KebNi AB.
Diversification Opportunities for SaltX Technology and KebNi AB
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SaltX and KebNi is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding SaltX Technology Holding and KebNi AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KebNi AB and SaltX Technology 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 SaltX Technology Holding are associated (or correlated) with KebNi AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KebNi AB has no effect on the direction of SaltX Technology i.e., SaltX Technology and KebNi AB go up and down completely randomly.
Pair Corralation between SaltX Technology and KebNi AB
Assuming the 90 days trading horizon SaltX Technology Holding is expected to generate 1.59 times more return on investment than KebNi AB. However, SaltX Technology is 1.59 times more volatile than KebNi AB. It trades about 0.03 of its potential returns per unit of risk. KebNi AB is currently generating about -0.25 per unit of risk. If you would invest 379.00 in SaltX Technology Holding on August 30, 2024 and sell it today you would earn a total of 3.00 from holding SaltX Technology Holding or generate 0.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SaltX Technology Holding vs. KebNi AB
Performance |
| Timeline |
| SaltX Technology Holding |
| KebNi AB |
SaltX Technology and KebNi AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SaltX Technology and KebNi AB
The main advantage of trading using opposite SaltX Technology and KebNi AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SaltX Technology position performs unexpectedly, KebNi AB 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 KebNi AB will offset losses from the drop in KebNi AB's long position.| SaltX Technology vs. GomSpace Group AB | SaltX Technology vs. Fingerprint Cards AB | SaltX Technology vs. Maha Energy AB | SaltX Technology vs. SolTech Energy Sweden |
| KebNi AB vs. Goodbye Kansas Group | KebNi AB vs. Enersize Oy | KebNi AB vs. SaltX Technology Holding | KebNi AB vs. Oncopeptides 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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