Correlation Between Storytel and Crunchfish
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By analyzing existing cross correlation between Storytel AB and Crunchfish AB, you can compare the effects of market volatilities on Storytel and Crunchfish 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 Storytel with a short position of Crunchfish. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Crunchfish.
Diversification Opportunities for Storytel and Crunchfish
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Storytel and Crunchfish is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Crunchfish AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crunchfish AB and Storytel 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 Storytel AB are associated (or correlated) with Crunchfish. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crunchfish AB has no effect on the direction of Storytel i.e., Storytel and Crunchfish go up and down completely randomly.
Pair Corralation between Storytel and Crunchfish
Assuming the 90 days trading horizon Storytel AB is expected to generate 0.57 times more return on investment than Crunchfish. However, Storytel AB is 1.76 times less risky than Crunchfish. It trades about 0.32 of its potential returns per unit of risk. Crunchfish AB is currently generating about 0.07 per unit of risk. If you would invest 7,700 in Storytel AB on November 27, 2024 and sell it today you would earn a total of 1,830 from holding Storytel AB or generate 23.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Storytel AB vs. Crunchfish AB
Performance |
| Timeline |
| Storytel AB |
| Crunchfish AB |
Storytel and Crunchfish Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Storytel and Crunchfish
The main advantage of trading using opposite Storytel and Crunchfish positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Crunchfish 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 Crunchfish will offset losses from the drop in Crunchfish's long position.| Storytel vs. Stillfront Group AB | Storytel vs. Embracer Group AB | Storytel vs. Sinch AB | Storytel vs. Kambi Group PLC |
| Crunchfish vs. Bambuser AB | Crunchfish vs. Maha Energy AB | Crunchfish vs. Cantargia AB | Crunchfish vs. Minesto 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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