Correlation Between Storytel and Micro Systemation
Specify exactly 2 symbols:
By analyzing existing cross correlation between Storytel AB and Micro Systemation AB, you can compare the effects of market volatilities on Storytel and Micro Systemation 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 Micro Systemation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Micro Systemation.
Diversification Opportunities for Storytel and Micro Systemation
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Storytel and Micro is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Micro Systemation AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Micro Systemation 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 Micro Systemation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Micro Systemation has no effect on the direction of Storytel i.e., Storytel and Micro Systemation go up and down completely randomly.
Pair Corralation between Storytel and Micro Systemation
Assuming the 90 days trading horizon Storytel is expected to generate 25.07 times less return on investment than Micro Systemation. But when comparing it to its historical volatility, Storytel AB is 1.17 times less risky than Micro Systemation. It trades about 0.01 of its potential returns per unit of risk. Micro Systemation AB is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 4,486 in Micro Systemation AB on August 25, 2024 and sell it today you would earn a total of 364.00 from holding Micro Systemation AB or generate 8.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Storytel AB vs. Micro Systemation AB
Performance |
| Timeline |
| Storytel AB |
| Micro Systemation |
Storytel and Micro Systemation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Storytel and Micro Systemation
The main advantage of trading using opposite Storytel and Micro Systemation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Micro Systemation 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 Micro Systemation will offset losses from the drop in Micro Systemation's long position.| Storytel vs. Stillfront Group AB | Storytel vs. Embracer Group AB | Storytel vs. Sinch AB | Storytel vs. Kambi Group PLC |
| Micro Systemation vs. Lifco AB | Micro Systemation vs. Lagercrantz Group AB | Micro Systemation vs. Addtech AB | Micro Systemation vs. Instalco Intressenter 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |