Correlation Between TradeDoubler and Scandinavian ChemoTech
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By analyzing existing cross correlation between TradeDoubler AB and Scandinavian ChemoTech AB, you can compare the effects of market volatilities on TradeDoubler and Scandinavian ChemoTech 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 TradeDoubler with a short position of Scandinavian ChemoTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of TradeDoubler and Scandinavian ChemoTech.
Diversification Opportunities for TradeDoubler and Scandinavian ChemoTech
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between TradeDoubler and Scandinavian is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding TradeDoubler AB and Scandinavian ChemoTech AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scandinavian ChemoTech and TradeDoubler 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 TradeDoubler AB are associated (or correlated) with Scandinavian ChemoTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scandinavian ChemoTech has no effect on the direction of TradeDoubler i.e., TradeDoubler and Scandinavian ChemoTech go up and down completely randomly.
Pair Corralation between TradeDoubler and Scandinavian ChemoTech
Assuming the 90 days trading horizon TradeDoubler AB is expected to generate 0.55 times more return on investment than Scandinavian ChemoTech. However, TradeDoubler AB is 1.81 times less risky than Scandinavian ChemoTech. It trades about -0.02 of its potential returns per unit of risk. Scandinavian ChemoTech AB is currently generating about -0.03 per unit of risk. If you would invest 367.00 in TradeDoubler AB on September 3, 2024 and sell it today you would lose (17.00) from holding TradeDoubler AB or give up 4.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TradeDoubler AB vs. Scandinavian ChemoTech AB
Performance |
| Timeline |
| TradeDoubler AB |
| Scandinavian ChemoTech |
TradeDoubler and Scandinavian ChemoTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TradeDoubler and Scandinavian ChemoTech
The main advantage of trading using opposite TradeDoubler and Scandinavian ChemoTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TradeDoubler position performs unexpectedly, Scandinavian ChemoTech 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 Scandinavian ChemoTech will offset losses from the drop in Scandinavian ChemoTech's long position.| TradeDoubler vs. Tele2 AB | TradeDoubler vs. Swedbank AB | TradeDoubler vs. Svenska Handelsbanken AB | TradeDoubler vs. Nordea Bank Abp |
| Scandinavian ChemoTech vs. Vicore Pharma Holding | Scandinavian ChemoTech vs. Enorama Pharma AB | Scandinavian ChemoTech vs. Xintela AB | Scandinavian ChemoTech vs. Alzinova 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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