Correlation Between Xplora Technologies and Lery Seafood
Can any of the company-specific risk be diversified away by investing in both Xplora Technologies and Lery Seafood at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Xplora Technologies and Lery Seafood into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xplora Technologies As and Lery Seafood Group, you can compare the effects of market volatilities on Xplora Technologies and Lery Seafood 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 Xplora Technologies with a short position of Lery Seafood. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xplora Technologies and Lery Seafood.
Diversification Opportunities for Xplora Technologies and Lery Seafood
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xplora and Lery is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Xplora Technologies As and Lery Seafood Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lery Seafood Group and Xplora Technologies 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 Xplora Technologies As are associated (or correlated) with Lery Seafood. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lery Seafood Group has no effect on the direction of Xplora Technologies i.e., Xplora Technologies and Lery Seafood go up and down completely randomly.
Pair Corralation between Xplora Technologies and Lery Seafood
Assuming the 90 days trading horizon Xplora Technologies As is expected to generate 1.96 times more return on investment than Lery Seafood. However, Xplora Technologies is 1.96 times more volatile than Lery Seafood Group. It trades about 0.1 of its potential returns per unit of risk. Lery Seafood Group is currently generating about 0.02 per unit of risk. If you would invest 794.00 in Xplora Technologies As on November 27, 2024 and sell it today you would earn a total of 2,386 from holding Xplora Technologies As or generate 300.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xplora Technologies As vs. Lery Seafood Group
Performance |
| Timeline |
| Xplora Technologies |
| Lery Seafood Group |
Xplora Technologies and Lery Seafood Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xplora Technologies and Lery Seafood
The main advantage of trading using opposite Xplora Technologies and Lery Seafood positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xplora Technologies position performs unexpectedly, Lery Seafood 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 Lery Seafood will offset losses from the drop in Lery Seafood's long position.| Xplora Technologies vs. Airthings ASA | Xplora Technologies vs. Nordic Unmanned As | Xplora Technologies vs. Pexip Holding ASA | Xplora Technologies vs. Huddlestock Fintech As |
| Lery Seafood vs. SalMar ASA | Lery Seafood vs. Grieg Seafood ASA | Lery Seafood vs. Austevoll Seafood ASA | Lery Seafood vs. Mowi ASA |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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