Correlation Between Xintela AB and Scandinavian ChemoTech
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By analyzing existing cross correlation between Xintela AB and Scandinavian ChemoTech AB, you can compare the effects of market volatilities on Xintela AB 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 Xintela AB with a short position of Scandinavian ChemoTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xintela AB and Scandinavian ChemoTech.
Diversification Opportunities for Xintela AB and Scandinavian ChemoTech
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xintela and Scandinavian is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Xintela 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 Xintela 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 Xintela 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 Xintela AB i.e., Xintela AB and Scandinavian ChemoTech go up and down completely randomly.
Pair Corralation between Xintela AB and Scandinavian ChemoTech
Assuming the 90 days trading horizon Xintela AB is expected to generate 0.75 times more return on investment than Scandinavian ChemoTech. However, Xintela AB is 1.33 times less risky than Scandinavian ChemoTech. It trades about 0.03 of its potential returns per unit of risk. Scandinavian ChemoTech AB is currently generating about -0.01 per unit of risk. If you would invest 25.00 in Xintela AB on September 4, 2024 and sell it today you would earn a total of 6.00 from holding Xintela AB or generate 24.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xintela AB vs. Scandinavian ChemoTech AB
Performance |
| Timeline |
| Xintela AB |
| Scandinavian ChemoTech |
Xintela AB and Scandinavian ChemoTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xintela AB and Scandinavian ChemoTech
The main advantage of trading using opposite Xintela AB and Scandinavian ChemoTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xintela AB 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.| Xintela AB vs. Simris Alg AB | Xintela AB vs. Immunovia publ AB | Xintela AB vs. Sedana Medical AB | Xintela AB vs. KABE Group AB |
| Scandinavian ChemoTech vs. Simris Alg AB | Scandinavian ChemoTech vs. Immunovia publ AB | Scandinavian ChemoTech vs. Sedana Medical AB | Scandinavian ChemoTech vs. KABE 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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