Correlation Between Systemair and Beowulf Mining
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By analyzing existing cross correlation between Systemair AB and Beowulf Mining PLC, you can compare the effects of market volatilities on Systemair and Beowulf Mining 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 Systemair with a short position of Beowulf Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Systemair and Beowulf Mining.
Diversification Opportunities for Systemair and Beowulf Mining
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Systemair and Beowulf is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Systemair AB and Beowulf Mining PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beowulf Mining PLC and Systemair 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 Systemair AB are associated (or correlated) with Beowulf Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beowulf Mining PLC has no effect on the direction of Systemair i.e., Systemair and Beowulf Mining go up and down completely randomly.
Pair Corralation between Systemair and Beowulf Mining
Assuming the 90 days trading horizon Systemair is expected to generate 21.69 times less return on investment than Beowulf Mining. But when comparing it to its historical volatility, Systemair AB is 20.25 times less risky than Beowulf Mining. It trades about 0.03 of its potential returns per unit of risk. Beowulf Mining PLC is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 57.00 in Beowulf Mining PLC on August 25, 2024 and sell it today you would earn a total of 173.00 from holding Beowulf Mining PLC or generate 303.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Systemair AB vs. Beowulf Mining PLC
Performance |
| Timeline |
| Systemair AB |
| Beowulf Mining PLC |
Systemair and Beowulf Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Systemair and Beowulf Mining
The main advantage of trading using opposite Systemair and Beowulf Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Systemair position performs unexpectedly, Beowulf Mining 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 Beowulf Mining will offset losses from the drop in Beowulf Mining's long position.| Systemair vs. Lindab International AB | Systemair vs. Nolato AB | Systemair vs. Sweco AB | Systemair vs. Troax Group AB |
| Beowulf Mining vs. Lohilo Foods AB | Beowulf Mining vs. Raketech Group Holding | Beowulf Mining vs. Avanza Bank Holding | Beowulf Mining vs. Maven Wireless Sweden |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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