Correlation Between Storytel and Terranet
Specify exactly 2 symbols:
By analyzing existing cross correlation between Storytel AB and Terranet AB, you can compare the effects of market volatilities on Storytel and Terranet 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 Terranet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Terranet.
Diversification Opportunities for Storytel and Terranet
Pay attention - limited upside
The 3 months correlation between Storytel and Terranet is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Terranet AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Terranet 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 Terranet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Terranet AB has no effect on the direction of Storytel i.e., Storytel and Terranet go up and down completely randomly.
Pair Corralation between Storytel and Terranet
Assuming the 90 days trading horizon Storytel AB is expected to under-perform the Terranet. But the stock apears to be less risky and, when comparing its historical volatility, Storytel AB is 4.14 times less risky than Terranet. The stock trades about -0.32 of its potential returns per unit of risk. The Terranet AB is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 16.00 in Terranet AB on August 31, 2024 and sell it today you would lose (1.00) from holding Terranet AB or give up 6.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Storytel AB vs. Terranet AB
Performance |
| Timeline |
| Storytel AB |
| Terranet AB |
Storytel and Terranet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Storytel and Terranet
The main advantage of trading using opposite Storytel and Terranet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Terranet 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 Terranet will offset losses from the drop in Terranet's long position.| Storytel vs. Stillfront Group AB | Storytel vs. Embracer Group AB | Storytel vs. Sinch AB | Storytel vs. Kambi Group PLC |
| Terranet vs. Catena Media plc | Terranet vs. Kambi Group PLC | Terranet vs. Betsson AB | Terranet vs. Invisio Communications 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
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |