Correlation Between Bactiguard Holding and Neola Medical
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By analyzing existing cross correlation between Bactiguard Holding AB and Neola Medical AB, you can compare the effects of market volatilities on Bactiguard Holding and Neola Medical 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 Bactiguard Holding with a short position of Neola Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bactiguard Holding and Neola Medical.
Diversification Opportunities for Bactiguard Holding and Neola Medical
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bactiguard and Neola is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Bactiguard Holding AB and Neola Medical AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Neola Medical AB and Bactiguard Holding 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 Bactiguard Holding AB are associated (or correlated) with Neola Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neola Medical AB has no effect on the direction of Bactiguard Holding i.e., Bactiguard Holding and Neola Medical go up and down completely randomly.
Pair Corralation between Bactiguard Holding and Neola Medical
Assuming the 90 days trading horizon Bactiguard Holding AB is expected to under-perform the Neola Medical. But the stock apears to be less risky and, when comparing its historical volatility, Bactiguard Holding AB is 1.48 times less risky than Neola Medical. The stock trades about -0.3 of its potential returns per unit of risk. The Neola Medical AB is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 276.00 in Neola Medical AB on September 13, 2024 and sell it today you would lose (12.00) from holding Neola Medical AB or give up 4.35% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Bactiguard Holding AB vs. Neola Medical AB
Performance |
Timeline |
Bactiguard Holding |
Neola Medical AB |
Bactiguard Holding and Neola Medical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Bactiguard Holding and Neola Medical
The main advantage of trading using opposite Bactiguard Holding and Neola Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bactiguard Holding position performs unexpectedly, Neola Medical 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 Neola Medical will offset losses from the drop in Neola Medical's long position.Bactiguard Holding vs. Biotage AB | ||
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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