Correlation Between Upsales Technology and Storytel
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By analyzing existing cross correlation between Upsales Technology AB and Storytel AB, you can compare the effects of market volatilities on Upsales Technology 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 Upsales Technology with a short position of Storytel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Upsales Technology and Storytel.
Diversification Opportunities for Upsales Technology and Storytel
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Upsales and Storytel is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Upsales Technology AB and Storytel AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storytel AB and Upsales Technology 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 Upsales Technology 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 Upsales Technology i.e., Upsales Technology and Storytel go up and down completely randomly.
Pair Corralation between Upsales Technology and Storytel
Assuming the 90 days trading horizon Upsales Technology AB is expected to under-perform the Storytel. But the stock apears to be less risky and, when comparing its historical volatility, Upsales Technology AB is 1.08 times less risky than Storytel. The stock trades about -0.03 of its potential returns per unit of risk. The Storytel AB is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 4,792 in Storytel AB on August 28, 2024 and sell it today you would earn a total of 1,333 from holding Storytel AB or generate 27.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Upsales Technology AB vs. Storytel AB
Performance |
| Timeline |
| Upsales Technology |
| Storytel AB |
Upsales Technology and Storytel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Upsales Technology and Storytel
The main advantage of trading using opposite Upsales Technology and Storytel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Upsales Technology 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.| Upsales Technology vs. Lime Technologies AB | Upsales Technology vs. FormPipe Software AB | Upsales Technology vs. Surgical Science Sweden | Upsales Technology vs. Vitec Software Group |
| Storytel vs. Lifco AB | Storytel vs. Lagercrantz Group AB | Storytel vs. Addtech AB | Storytel vs. Instalco Intressenter 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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