Correlation Between SBF 120 and Eurobio Scientific
Specify exactly 2 symbols:
By analyzing existing cross correlation between SBF 120 and Eurobio Scientific SA, you can compare the effects of market volatilities on SBF 120 and Eurobio Scientific 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 Eurobio Scientific. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBF 120 and Eurobio Scientific.
Diversification Opportunities for SBF 120 and Eurobio Scientific
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SBF and Eurobio is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding SBF 120 and Eurobio Scientific SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eurobio Scientific 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 Eurobio Scientific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eurobio Scientific has no effect on the direction of SBF 120 i.e., SBF 120 and Eurobio Scientific go up and down completely randomly.
Pair Corralation between SBF 120 and Eurobio Scientific
Assuming the 90 days trading horizon SBF 120 is expected to under-perform the Eurobio Scientific. In addition to that, SBF 120 is 3.38 times more volatile than Eurobio Scientific SA. It trades about -0.19 of its total potential returns per unit of risk. Eurobio Scientific SA is currently generating about -0.13 per unit of volatility. If you would invest 2,595 in Eurobio Scientific SA on August 24, 2024 and sell it today you would lose (20.00) from holding Eurobio Scientific SA or give up 0.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SBF 120 vs. Eurobio Scientific SA
Performance |
| Timeline |
SBF 120 and Eurobio Scientific Volatility Contrast
Predicted Return Density |
| Returns |
SBF 120
Pair trading matchups for SBF 120
Eurobio Scientific SA
Pair trading matchups for Eurobio Scientific
Pair Trading with SBF 120 and Eurobio Scientific
The main advantage of trading using opposite SBF 120 and Eurobio Scientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBF 120 position performs unexpectedly, Eurobio Scientific 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 Eurobio Scientific will offset losses from the drop in Eurobio Scientific's long position.| SBF 120 vs. Metalliance SA | SBF 120 vs. Soditech SA | SBF 120 vs. Mediantechn | SBF 120 vs. Eutelsat Communications SA |
| Eurobio Scientific vs. Spineguard | Eurobio Scientific vs. Affluent Medical SAS | Eurobio Scientific vs. Theradiag SA |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |