Correlation Between Teqnion AB and Storytel
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By analyzing existing cross correlation between Teqnion AB and Storytel AB, you can compare the effects of market volatilities on Teqnion AB and Storytel 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 Teqnion AB with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teqnion AB and Storytel.
Diversification Opportunities for Teqnion AB and Storytel
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Teqnion and Storytel is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Teqnion AB and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel AB and Teqnion AB 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 Teqnion AB are associated (or correlated) with Storytel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Storytel AB has no effect on the direction of Teqnion AB i.e., Teqnion AB and Storytel go up and down completely randomly.
Pair Corralation between Teqnion AB and Storytel
Assuming the 90 days trading horizon Teqnion AB is expected to generate 1.92 times less return on investment than Storytel. But when comparing it to its historical volatility, Teqnion AB is 1.34 times less risky than Storytel. It trades about 0.03 of its potential returns per unit of risk. Storytel AB is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 4,482 in Storytel AB on September 19, 2024 and sell it today you would earn a total of 2,493 from holding Storytel AB or generate 55.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Teqnion AB vs. Storytel AB
Performance |
| Timeline |
| Teqnion AB |
| Storytel AB |
Teqnion AB and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teqnion AB and Storytel
The main advantage of trading using opposite Teqnion AB and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teqnion AB position performs unexpectedly, Storytel 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 Storytel will offset losses from the drop in Storytel's long position.| Teqnion AB vs. AddLife AB | Teqnion AB vs. Bufab Holding AB | Teqnion AB vs. Bergman Beving AB | Teqnion AB vs. AQ Group 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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