Correlation Between Saniona AB and Raketech Group

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Can any of the company-specific risk be diversified away by investing in both Saniona AB and Raketech Group 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 Saniona AB and Raketech Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Saniona AB TO and Raketech Group Holding, you can compare the effects of market volatilities on Saniona AB and Raketech Group 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 Saniona AB with a short position of Raketech Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saniona AB and Raketech Group.

Diversification Opportunities for Saniona AB and Raketech Group

-0.46
  Correlation Coefficient

Very good diversification

The 3 months correlation between Saniona and Raketech is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Saniona AB TO and Raketech Group Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Raketech Group Holding and Saniona 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 Saniona AB TO are associated (or correlated) with Raketech Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Raketech Group Holding has no effect on the direction of Saniona AB i.e., Saniona AB and Raketech Group go up and down completely randomly.

Pair Corralation between Saniona AB and Raketech Group

Assuming the 90 days trading horizon Saniona AB TO is expected to generate 2.87 times more return on investment than Raketech Group. However, Saniona AB is 2.87 times more volatile than Raketech Group Holding. It trades about 0.03 of its potential returns per unit of risk. Raketech Group Holding is currently generating about -0.39 per unit of risk. If you would invest  169.00  in Saniona AB TO on October 13, 2024 and sell it today you would earn a total of  1.00  from holding Saniona AB TO or generate 0.59% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Saniona AB TO  vs.  Raketech Group Holding

 Performance 
       Timeline  
Saniona AB TO 

Risk-Adjusted Performance

8 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Saniona AB TO are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain basic indicators, Saniona AB sustained solid returns over the last few months and may actually be approaching a breakup point.
Raketech Group Holding 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Raketech Group Holding has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in February 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Saniona AB and Raketech Group Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Saniona AB and Raketech Group

The main advantage of trading using opposite Saniona AB and Raketech Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saniona AB position performs unexpectedly, Raketech Group 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 Raketech Group will offset losses from the drop in Raketech Group's long position.
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The idea behind Saniona AB TO and Raketech Group Holding pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.

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