Correlation Between Simris Alg and Bio Works
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By analyzing existing cross correlation between Simris Alg AB and Bio Works Technologies AB, you can compare the effects of market volatilities on Simris Alg and Bio Works 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 Simris Alg with a short position of Bio Works. Check out your portfolio center. Please also check ongoing floating volatility patterns of Simris Alg and Bio Works.
Diversification Opportunities for Simris Alg and Bio Works
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Simris and Bio is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Simris Alg AB and Bio Works Technologies AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bio Works Technologies and Simris Alg 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 Simris Alg AB are associated (or correlated) with Bio Works. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bio Works Technologies has no effect on the direction of Simris Alg i.e., Simris Alg and Bio Works go up and down completely randomly.
Pair Corralation between Simris Alg and Bio Works
Assuming the 90 days trading horizon Simris Alg AB is expected to generate 1.03 times more return on investment than Bio Works. However, Simris Alg is 1.03 times more volatile than Bio Works Technologies AB. It trades about -0.04 of its potential returns per unit of risk. Bio Works Technologies AB is currently generating about -0.09 per unit of risk. If you would invest 39.00 in Simris Alg AB on September 4, 2024 and sell it today you would lose (31.28) from holding Simris Alg AB or give up 80.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Simris Alg AB vs. Bio Works Technologies AB
Performance |
| Timeline |
| Simris Alg AB |
| Bio Works Technologies |
Simris Alg and Bio Works Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Simris Alg and Bio Works
The main advantage of trading using opposite Simris Alg and Bio Works positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Simris Alg position performs unexpectedly, Bio Works 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 Bio Works will offset losses from the drop in Bio Works' long position.| Simris Alg vs. SenzaGen AB | Simris Alg vs. AAK AB | Simris Alg vs. Scibase AB | Simris Alg vs. Scandinavian Enviro Systems |
| Bio Works vs. Simris Alg AB | Bio Works vs. Immunovia publ AB | Bio Works vs. Sedana Medical AB | Bio Works vs. KABE 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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