Correlation Between Saniona AB and SenzaGen
Can any of the company-specific risk be diversified away by investing in both Saniona AB and SenzaGen 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 SenzaGen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Saniona AB and SenzaGen AB, you can compare the effects of market volatilities on Saniona AB and SenzaGen 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 SenzaGen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saniona AB and SenzaGen.
Diversification Opportunities for Saniona AB and SenzaGen
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Saniona and SenzaGen is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Saniona AB and SenzaGen AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SenzaGen 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 are associated (or correlated) with SenzaGen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SenzaGen AB has no effect on the direction of Saniona AB i.e., Saniona AB and SenzaGen go up and down completely randomly.
Pair Corralation between Saniona AB and SenzaGen
Assuming the 90 days trading horizon Saniona AB is expected to generate 13.28 times more return on investment than SenzaGen. However, Saniona AB is 13.28 times more volatile than SenzaGen AB. It trades about 0.22 of its potential returns per unit of risk. SenzaGen AB is currently generating about -0.13 per unit of risk. If you would invest 386.00 in Saniona AB on September 3, 2024 and sell it today you would earn a total of 329.00 from holding Saniona AB or generate 85.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saniona AB vs. SenzaGen AB
Performance |
| Timeline |
| Saniona AB |
| SenzaGen AB |
Saniona AB and SenzaGen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saniona AB and SenzaGen
The main advantage of trading using opposite Saniona AB and SenzaGen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saniona AB position performs unexpectedly, SenzaGen 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 SenzaGen will offset losses from the drop in SenzaGen's long position.| Saniona AB vs. BioInvent International AB | Saniona AB vs. Alligator Bioscience AB | Saniona AB vs. Swedish Orphan Biovitrum | Saniona AB vs. Anoto Group AB |
| SenzaGen vs. Simris Alg AB | SenzaGen vs. Immunovia publ AB | SenzaGen vs. Sedana Medical AB | SenzaGen vs. KABE 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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