Correlation Between Simris Alg and Xintela AB
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By analyzing existing cross correlation between Simris Alg AB and Xintela AB, you can compare the effects of market volatilities on Simris Alg and Xintela AB 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 Xintela AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Simris Alg and Xintela AB.
Diversification Opportunities for Simris Alg and Xintela AB
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Simris and Xintela is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Simris Alg AB and Xintela AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xintela AB 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 Xintela AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xintela AB has no effect on the direction of Simris Alg i.e., Simris Alg and Xintela AB go up and down completely randomly.
Pair Corralation between Simris Alg and Xintela AB
Assuming the 90 days trading horizon Simris Alg AB is expected to under-perform the Xintela AB. In addition to that, Simris Alg is 1.33 times more volatile than Xintela AB. It trades about -0.04 of its total potential returns per unit of risk. Xintela AB is currently generating about 0.03 per unit of volatility. If you would invest 25.00 in Xintela AB on September 4, 2024 and sell it today you would earn a total of 6.00 from holding Xintela AB or generate 24.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Simris Alg AB vs. Xintela AB
Performance |
| Timeline |
| Simris Alg AB |
| Xintela AB |
Simris Alg and Xintela AB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Simris Alg and Xintela AB
The main advantage of trading using opposite Simris Alg and Xintela AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Simris Alg position performs unexpectedly, Xintela AB 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 Xintela AB will offset losses from the drop in Xintela AB's long position.| Simris Alg vs. SenzaGen AB | Simris Alg vs. AAK AB | Simris Alg vs. Scibase AB | Simris Alg vs. Scandinavian Enviro Systems |
| Xintela AB vs. Simris Alg AB | Xintela AB vs. Immunovia publ AB | Xintela AB vs. Sedana Medical AB | Xintela AB 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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