Correlation Between SBF 120 and NicOx SA
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By analyzing existing cross correlation between SBF 120 and NicOx SA, you can compare the effects of market volatilities on SBF 120 and NicOx SA 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 SBF 120 with a short position of NicOx SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBF 120 and NicOx SA.
Diversification Opportunities for SBF 120 and NicOx SA
Poor diversification
The 3 months correlation between SBF and NicOx is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding SBF 120 and NicOx SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NicOx SA and SBF 120 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 SBF 120 are associated (or correlated) with NicOx SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NicOx SA has no effect on the direction of SBF 120 i.e., SBF 120 and NicOx SA go up and down completely randomly.
Pair Corralation between SBF 120 and NicOx SA
Assuming the 90 days trading horizon SBF 120 is expected to generate 28.33 times less return on investment than NicOx SA. But when comparing it to its historical volatility, SBF 120 is 11.91 times less risky than NicOx SA. It trades about 0.07 of its potential returns per unit of risk. NicOx SA is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 22.00 in NicOx SA on September 19, 2024 and sell it today you would earn a total of 6.00 from holding NicOx SA or generate 27.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
SBF 120 vs. NicOx SA
Performance |
| Timeline |
SBF 120 and NicOx SA Volatility Contrast
Predicted Return Density |
| Returns |
SBF 120
Pair trading matchups for SBF 120
NicOx SA
Pair trading matchups for NicOx SA
Pair Trading with SBF 120 and NicOx SA
The main advantage of trading using opposite SBF 120 and NicOx SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBF 120 position performs unexpectedly, NicOx SA 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 NicOx SA will offset losses from the drop in NicOx SA's long position.| SBF 120 vs. CMG Cleantech SA | SBF 120 vs. Avenir Telecom SA | SBF 120 vs. Soditech SA | SBF 120 vs. Novatech Industries SA |
| NicOx SA vs. Sartorius Stedim Biotech | NicOx SA vs. Axway Software | NicOx SA vs. Broadpeak SA | NicOx SA vs. Entech SE SAS |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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