Correlation Between Xvivo Perfusion and Bactiguard Holding
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By analyzing existing cross correlation between Xvivo Perfusion AB and Bactiguard Holding AB, you can compare the effects of market volatilities on Xvivo Perfusion and Bactiguard Holding 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 Xvivo Perfusion with a short position of Bactiguard Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xvivo Perfusion and Bactiguard Holding.
Diversification Opportunities for Xvivo Perfusion and Bactiguard Holding
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xvivo and Bactiguard is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Xvivo Perfusion AB and Bactiguard Holding AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bactiguard Holding and Xvivo Perfusion 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 Xvivo Perfusion AB are associated (or correlated) with Bactiguard Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bactiguard Holding has no effect on the direction of Xvivo Perfusion i.e., Xvivo Perfusion and Bactiguard Holding go up and down completely randomly.
Pair Corralation between Xvivo Perfusion and Bactiguard Holding
Assuming the 90 days trading horizon Xvivo Perfusion AB is expected to generate 0.73 times more return on investment than Bactiguard Holding. However, Xvivo Perfusion AB is 1.37 times less risky than Bactiguard Holding. It trades about -0.06 of its potential returns per unit of risk. Bactiguard Holding AB is currently generating about -0.36 per unit of risk. If you would invest 52,300 in Xvivo Perfusion AB on August 31, 2024 and sell it today you would lose (5,050) from holding Xvivo Perfusion AB or give up 9.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xvivo Perfusion AB vs. Bactiguard Holding AB
Performance |
| Timeline |
| Xvivo Perfusion AB |
| Bactiguard Holding |
Xvivo Perfusion and Bactiguard Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xvivo Perfusion and Bactiguard Holding
The main advantage of trading using opposite Xvivo Perfusion and Bactiguard Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xvivo Perfusion position performs unexpectedly, Bactiguard Holding 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 Bactiguard Holding will offset losses from the drop in Bactiguard Holding's long position.| Xvivo Perfusion vs. Vitrolife AB | Xvivo Perfusion vs. BioArctic AB | Xvivo Perfusion vs. CellaVision AB | Xvivo Perfusion vs. Invisio Communications AB |
| Bactiguard Holding vs. Biotage AB | Bactiguard Holding vs. CellaVision AB | Bactiguard Holding vs. Bonesupport Holding AB | Bactiguard Holding vs. MedCap 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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