Correlation Between Storytel and Cyber Security
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By analyzing existing cross correlation between Storytel AB and Cyber Security 1, you can compare the effects of market volatilities on Storytel and Cyber Security 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 Cyber Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Cyber Security.
Diversification Opportunities for Storytel and Cyber Security
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Storytel and Cyber is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Cyber Security 1 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cyber Security 1 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 Cyber Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cyber Security 1 has no effect on the direction of Storytel i.e., Storytel and Cyber Security go up and down completely randomly.
Pair Corralation between Storytel and Cyber Security
Assuming the 90 days trading horizon Storytel AB is expected to generate 0.35 times more return on investment than Cyber Security. However, Storytel AB is 2.86 times less risky than Cyber Security. It trades about 0.25 of its potential returns per unit of risk. Cyber Security 1 is currently generating about -0.23 per unit of risk. If you would invest 6,125 in Storytel AB on September 24, 2024 and sell it today you would earn a total of 735.00 from holding Storytel AB or generate 12.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Storytel AB vs. Cyber Security 1
Performance |
| Timeline |
| Storytel AB |
| Cyber Security 1 |
Storytel and Cyber Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Storytel and Cyber Security
The main advantage of trading using opposite Storytel and Cyber Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Cyber Security 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 Cyber Security will offset losses from the drop in Cyber Security's long position.| Storytel vs. Lifco AB | Storytel vs. Lagercrantz Group AB | Storytel vs. Instalco Intressenter AB | Storytel vs. AddLife 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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