Correlation Between Saniona AB and Sileon AB
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By analyzing existing cross correlation between Saniona AB TO and Sileon AB, you can compare the effects of market volatilities on Saniona AB and Sileon 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 Saniona AB with a short position of Sileon AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saniona AB and Sileon AB.
Diversification Opportunities for Saniona AB and Sileon AB
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Saniona and Sileon is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Saniona AB TO and Sileon AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sileon AB 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 Sileon AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sileon AB has no effect on the direction of Saniona AB i.e., Saniona AB and Sileon AB go up and down completely randomly.
Pair Corralation between Saniona AB and Sileon AB
Assuming the 90 days trading horizon Saniona AB TO is expected to generate 3.45 times more return on investment than Sileon AB. However, Saniona AB is 3.45 times more volatile than Sileon AB. It trades about 0.15 of its potential returns per unit of risk. Sileon AB is currently generating about -0.21 per unit of risk. If you would invest 100.00 in Saniona AB TO on September 24, 2024 and sell it today you would earn a total of 95.00 from holding Saniona AB TO or generate 95.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saniona AB TO vs. Sileon AB
Performance |
| Timeline |
| Saniona AB TO |
| Sileon AB |
Saniona AB and Sileon AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saniona AB and Sileon AB
The main advantage of trading using opposite Saniona AB and Sileon AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saniona AB position performs unexpectedly, Sileon 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 Sileon AB will offset losses from the drop in Sileon AB's long position.| Saniona AB vs. AstraZeneca PLC | Saniona AB vs. Investor AB ser | Saniona AB vs. Investor AB ser | Saniona AB vs. Atlas Copco AB |
| Sileon AB vs. Enersize Oy | Sileon AB vs. Divio Technologies AB | Sileon AB vs. Mekonomen AB | Sileon AB vs. Embellence Group 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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