Correlation Between Swedencare Publ and Storytel
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By analyzing existing cross correlation between Swedencare publ AB and Storytel AB, you can compare the effects of market volatilities on Swedencare Publ and Storytel 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 Swedencare Publ with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Swedencare Publ and Storytel.
Diversification Opportunities for Swedencare Publ and Storytel
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Swedencare and Storytel is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Swedencare publ AB and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel AB and Swedencare Publ 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 Swedencare publ AB are associated (or correlated) with Storytel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Storytel AB has no effect on the direction of Swedencare Publ i.e., Swedencare Publ and Storytel go up and down completely randomly.
Pair Corralation between Swedencare Publ and Storytel
Assuming the 90 days trading horizon Swedencare publ AB is expected to generate 0.43 times more return on investment than Storytel. However, Swedencare publ AB is 2.35 times less risky than Storytel. It trades about 0.0 of its potential returns per unit of risk. Storytel AB is currently generating about -0.04 per unit of risk. If you would invest 4,636 in Swedencare publ AB on August 26, 2024 and sell it today you would lose (8.00) from holding Swedencare publ AB or give up 0.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Swedencare publ AB vs. Storytel AB
Performance |
| Timeline |
| Swedencare publ AB |
| Storytel AB |
Swedencare Publ and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Swedencare Publ and Storytel
The main advantage of trading using opposite Swedencare Publ and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Swedencare Publ position performs unexpectedly, Storytel 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 Storytel will offset losses from the drop in Storytel's long position.| Swedencare Publ vs. Enzymatica publ AB | Swedencare Publ vs. Moberg Pharma AB | Swedencare Publ vs. KABE Group AB | Swedencare Publ vs. IAR Systems Group |
| Storytel vs. Stillfront Group AB | Storytel vs. Embracer Group AB | Storytel vs. Sinch AB | Storytel vs. Kambi Group PLC |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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