Correlation Between SIEGR and Scandinavian Tobacco
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By analyzing existing cross correlation between SIEGR 34 16 MAR 27 and Scandinavian Tobacco Group, you can compare the effects of market volatilities on SIEGR and Scandinavian Tobacco 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 SIEGR with a short position of Scandinavian Tobacco. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIEGR and Scandinavian Tobacco.
Diversification Opportunities for SIEGR and Scandinavian Tobacco
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SIEGR and Scandinavian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SIEGR 34 16 MAR 27 and Scandinavian Tobacco Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scandinavian Tobacco and SIEGR 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 SIEGR 34 16 MAR 27 are associated (or correlated) with Scandinavian Tobacco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scandinavian Tobacco has no effect on the direction of SIEGR i.e., SIEGR and Scandinavian Tobacco go up and down completely randomly.
Pair Corralation between SIEGR and Scandinavian Tobacco
If you would invest 664.00 in Scandinavian Tobacco Group on September 1, 2024 and sell it today you would earn a total of 52.00 from holding Scandinavian Tobacco Group or generate 7.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SIEGR 34 16 MAR 27 vs. Scandinavian Tobacco Group
Performance |
| Timeline |
| SIEGR 34 16 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Scandinavian Tobacco |
SIEGR and Scandinavian Tobacco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIEGR and Scandinavian Tobacco
The main advantage of trading using opposite SIEGR and Scandinavian Tobacco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIEGR position performs unexpectedly, Scandinavian Tobacco 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 Tobacco will offset losses from the drop in Scandinavian Tobacco's long position.| SIEGR vs. Analog Devices | SIEGR vs. Postal Realty Trust | SIEGR vs. Lion One Metals | SIEGR vs. Mativ Holdings |
| Scandinavian Tobacco vs. Universal | Scandinavian Tobacco vs. Imperial Brands PLC | Scandinavian Tobacco vs. Japan Tobacco ADR | Scandinavian Tobacco vs. Philip Morris International |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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