Correlation Between Episurf Medical and Filo Mining
Can any of the company-specific risk be diversified away by investing in both Episurf Medical and Filo Mining 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 Episurf Medical and Filo Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Episurf Medical AB and Filo Mining Corp, you can compare the effects of market volatilities on Episurf Medical and Filo Mining 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 Episurf Medical with a short position of Filo Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Episurf Medical and Filo Mining.
Diversification Opportunities for Episurf Medical and Filo Mining
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Episurf and Filo is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Episurf Medical AB and Filo Mining Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Filo Mining Corp and Episurf Medical 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 Episurf Medical AB are associated (or correlated) with Filo Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Filo Mining Corp has no effect on the direction of Episurf Medical i.e., Episurf Medical and Filo Mining go up and down completely randomly.
Pair Corralation between Episurf Medical and Filo Mining
Assuming the 90 days trading horizon Episurf Medical AB is expected to under-perform the Filo Mining. In addition to that, Episurf Medical is 1.8 times more volatile than Filo Mining Corp. It trades about -0.1 of its total potential returns per unit of risk. Filo Mining Corp is currently generating about 0.04 per unit of volatility. If you would invest 18,260 in Filo Mining Corp on September 14, 2024 and sell it today you would earn a total of 6,340 from holding Filo Mining Corp or generate 34.72% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Episurf Medical AB vs. Filo Mining Corp
Performance |
Timeline |
Episurf Medical AB |
Filo Mining Corp |
Episurf Medical and Filo Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Episurf Medical and Filo Mining
The main advantage of trading using opposite Episurf Medical and Filo Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Episurf Medical position performs unexpectedly, Filo Mining 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 Filo Mining will offset losses from the drop in Filo Mining's long position.Episurf Medical vs. Xvivo Perfusion AB | ||
Episurf Medical vs. Bactiguard Holding AB | ||
Episurf Medical vs. SpectraCure AB | ||
Episurf Medical vs. Senzime AB |
Filo Mining vs. Boliden AB | ||
Filo Mining vs. KABE Group AB | ||
Filo Mining vs. IAR Systems Group | ||
Filo Mining vs. Mekonomen 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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Commodity Directory Find actively traded commodities issued by global exchanges |