Correlation Between Solstad Offshore and TELES Informationstech
Specify exactly 2 symbols:
By analyzing existing cross correlation between Solstad Offshore ASA and TELES Informationstechnologien AG, you can compare the effects of market volatilities on Solstad Offshore and TELES Informationstech 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 Solstad Offshore with a short position of TELES Informationstech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solstad Offshore and TELES Informationstech.
Diversification Opportunities for Solstad Offshore and TELES Informationstech
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Solstad and TELES is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Solstad Offshore ASA and TELES Informationstechnologien in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TELES Informationstech and Solstad Offshore 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 Solstad Offshore ASA are associated (or correlated) with TELES Informationstech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TELES Informationstech has no effect on the direction of Solstad Offshore i.e., Solstad Offshore and TELES Informationstech go up and down completely randomly.
Pair Corralation between Solstad Offshore and TELES Informationstech
Assuming the 90 days trading horizon Solstad Offshore ASA is expected to generate 1.53 times more return on investment than TELES Informationstech. However, Solstad Offshore is 1.53 times more volatile than TELES Informationstechnologien AG. It trades about 0.12 of its potential returns per unit of risk. TELES Informationstechnologien AG is currently generating about -0.16 per unit of risk. If you would invest 287.00 in Solstad Offshore ASA on September 3, 2024 and sell it today you would earn a total of 62.00 from holding Solstad Offshore ASA or generate 21.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Solstad Offshore ASA vs. TELES Informationstechnologien
Performance |
| Timeline |
| Solstad Offshore ASA |
| TELES Informationstech |
Solstad Offshore and TELES Informationstech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Solstad Offshore and TELES Informationstech
The main advantage of trading using opposite Solstad Offshore and TELES Informationstech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solstad Offshore position performs unexpectedly, TELES Informationstech 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 TELES Informationstech will offset losses from the drop in TELES Informationstech's long position.| Solstad Offshore vs. Liberty Broadband | Solstad Offshore vs. CHINA EDUCATION GROUP | Solstad Offshore vs. BROADSTNET LEADL 00025 | Solstad Offshore vs. EEDUCATION ALBERT AB |
| TELES Informationstech vs. BOSTON BEER A | TELES Informationstech vs. Monster Beverage Corp | TELES Informationstech vs. Tsingtao Brewery | TELES Informationstech vs. MOLSON RS BEVERAGE |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |