Correlation Between SBM Offshore and Valneva SE
Can any of the company-specific risk be diversified away by investing in both SBM Offshore and Valneva SE 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 SBM Offshore and Valneva SE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SBM Offshore NV and Valneva SE, you can compare the effects of market volatilities on SBM Offshore and Valneva SE 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 SBM Offshore with a short position of Valneva SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBM Offshore and Valneva SE.
Diversification Opportunities for SBM Offshore and Valneva SE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SBM and Valneva is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SBM Offshore NV and Valneva SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Valneva SE and SBM Offshore 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 SBM Offshore NV are associated (or correlated) with Valneva SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Valneva SE has no effect on the direction of SBM Offshore i.e., SBM Offshore and Valneva SE go up and down completely randomly.
Pair Corralation between SBM Offshore and Valneva SE
If you would invest 1,143 in SBM Offshore NV on September 14, 2024 and sell it today you would earn a total of 543.00 from holding SBM Offshore NV or generate 47.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SBM Offshore NV vs. Valneva SE
Performance |
| Timeline |
| SBM Offshore NV |
| Valneva SE |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SBM Offshore and Valneva SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SBM Offshore and Valneva SE
The main advantage of trading using opposite SBM Offshore and Valneva SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBM Offshore position performs unexpectedly, Valneva SE 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 Valneva SE will offset losses from the drop in Valneva SE's long position.| SBM Offshore vs. Raiffeisen Bank International | SBM Offshore vs. Vienna Insurance Group | SBM Offshore vs. UNIQA Insurance Group | SBM Offshore vs. CNH Industrial NV |
| Valneva SE vs. SBM Offshore NV | Valneva SE vs. Erste Group Bank | Valneva SE vs. Vienna Insurance Group | Valneva SE vs. Addiko Bank AG |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |