Correlation Between Shape Robotics and Monsenso
Can any of the company-specific risk be diversified away by investing in both Shape Robotics and Monsenso 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 Shape Robotics and Monsenso into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shape Robotics AS and Monsenso AS, you can compare the effects of market volatilities on Shape Robotics and Monsenso 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 Shape Robotics with a short position of Monsenso. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shape Robotics and Monsenso.
Diversification Opportunities for Shape Robotics and Monsenso
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Shape and Monsenso is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Shape Robotics AS and Monsenso AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monsenso AS and Shape Robotics 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 Shape Robotics AS are associated (or correlated) with Monsenso. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monsenso AS has no effect on the direction of Shape Robotics i.e., Shape Robotics and Monsenso go up and down completely randomly.
Pair Corralation between Shape Robotics and Monsenso
Assuming the 90 days trading horizon Shape Robotics AS is expected to under-perform the Monsenso. But the stock apears to be less risky and, when comparing its historical volatility, Shape Robotics AS is 1.3 times less risky than Monsenso. The stock trades about -0.13 of its potential returns per unit of risk. The Monsenso AS is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 42.00 in Monsenso AS on October 26, 2024 and sell it today you would lose (6.00) from holding Monsenso AS or give up 14.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shape Robotics AS vs. Monsenso AS
Performance |
| Timeline |
| Shape Robotics AS |
| Monsenso AS |
Shape Robotics and Monsenso Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shape Robotics and Monsenso
The main advantage of trading using opposite Shape Robotics and Monsenso positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shape Robotics position performs unexpectedly, Monsenso 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 Monsenso will offset losses from the drop in Monsenso's long position.| Shape Robotics vs. FOM Technologies AS | Shape Robotics vs. Penneo AS | Shape Robotics vs. cBrain AS | Shape Robotics vs. Green Hydrogen Systems |
| Monsenso vs. FOM Technologies AS | Monsenso vs. Penneo AS | Monsenso vs. BioPorto | Monsenso vs. Shape Robotics AS |
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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