Correlation Between Sinch AB and Storytel
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sinch AB and Storytel AB, you can compare the effects of market volatilities on Sinch AB 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 Sinch AB with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinch AB and Storytel.
Diversification Opportunities for Sinch AB and Storytel
Significant diversification
The 3 months correlation between Sinch and Storytel is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Sinch AB and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel AB and Sinch AB 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 Sinch 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 Sinch AB i.e., Sinch AB and Storytel go up and down completely randomly.
Pair Corralation between Sinch AB and Storytel
Assuming the 90 days trading horizon Sinch AB is expected to generate 9.53 times less return on investment than Storytel. In addition to that, Sinch AB is 1.56 times more volatile than Storytel AB. It trades about 0.01 of its total potential returns per unit of risk. Storytel AB is currently generating about 0.14 per unit of volatility. If you would invest 5,405 in Storytel AB on November 3, 2024 and sell it today you would earn a total of 2,590 from holding Storytel AB or generate 47.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinch AB vs. Storytel AB
Performance |
| Timeline |
| Sinch AB |
| Storytel AB |
Sinch AB and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinch AB and Storytel
The main advantage of trading using opposite Sinch AB and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinch AB 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.| Sinch AB vs. Embracer Group AB | Sinch AB vs. Samhllsbyggnadsbolaget i Norden | Sinch AB vs. Evolution AB | Sinch AB vs. Stillfront Group AB |
| 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |