Correlation Between Stillfront Group and Millicom International
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By analyzing existing cross correlation between Stillfront Group AB and Millicom International Cellular, you can compare the effects of market volatilities on Stillfront Group and Millicom International 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 Stillfront Group with a short position of Millicom International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stillfront Group and Millicom International.
Diversification Opportunities for Stillfront Group and Millicom International
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Stillfront and Millicom is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Stillfront Group AB and Millicom International Cellula in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Millicom International and Stillfront Group 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 Stillfront Group AB are associated (or correlated) with Millicom International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Millicom International has no effect on the direction of Stillfront Group i.e., Stillfront Group and Millicom International go up and down completely randomly.
Pair Corralation between Stillfront Group and Millicom International
Assuming the 90 days horizon Stillfront Group AB is expected to generate 1.33 times more return on investment than Millicom International. However, Stillfront Group is 1.33 times more volatile than Millicom International Cellular. It trades about 0.12 of its potential returns per unit of risk. Millicom International Cellular is currently generating about -0.09 per unit of risk. If you would invest 720.00 in Stillfront Group AB on September 4, 2024 and sell it today you would earn a total of 51.00 from holding Stillfront Group AB or generate 7.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stillfront Group AB vs. Millicom International Cellula
Performance |
| Timeline |
| Stillfront Group |
| Millicom International |
Stillfront Group and Millicom International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stillfront Group and Millicom International
The main advantage of trading using opposite Stillfront Group and Millicom International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stillfront Group position performs unexpectedly, Millicom International 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 Millicom International will offset losses from the drop in Millicom International's long position.| Stillfront Group vs. Embracer Group AB | Stillfront Group vs. Sinch AB | Stillfront Group vs. Paradox Interactive AB | Stillfront Group vs. Evolution AB |
| Millicom International vs. Embracer Group AB | Millicom International vs. Samhllsbyggnadsbolaget i Norden | Millicom International vs. Evolution AB | Millicom International vs. Stillfront 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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