Correlation Between Implantica and Bonesupport Holding
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By analyzing existing cross correlation between Implantica AG and Bonesupport Holding AB, you can compare the effects of market volatilities on Implantica and Bonesupport 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 Implantica with a short position of Bonesupport Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Implantica and Bonesupport Holding.
Diversification Opportunities for Implantica and Bonesupport Holding
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Implantica and Bonesupport is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Implantica AG and Bonesupport Holding AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bonesupport Holding and Implantica 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 Implantica AG are associated (or correlated) with Bonesupport Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bonesupport Holding has no effect on the direction of Implantica i.e., Implantica and Bonesupport Holding go up and down completely randomly.
Pair Corralation between Implantica and Bonesupport Holding
Assuming the 90 days trading horizon Implantica AG is expected to under-perform the Bonesupport Holding. In addition to that, Implantica is 1.72 times more volatile than Bonesupport Holding AB. It trades about -0.11 of its total potential returns per unit of risk. Bonesupport Holding AB is currently generating about 0.14 per unit of volatility. If you would invest 37,020 in Bonesupport Holding AB on September 26, 2024 and sell it today you would earn a total of 1,680 from holding Bonesupport Holding AB or generate 4.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Implantica AG vs. Bonesupport Holding AB
Performance |
Timeline |
Implantica AG |
Bonesupport Holding |
Implantica and Bonesupport Holding Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Implantica and Bonesupport Holding
The main advantage of trading using opposite Implantica and Bonesupport Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Implantica position performs unexpectedly, Bonesupport 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 Bonesupport Holding will offset losses from the drop in Bonesupport Holding's long position.Implantica vs. Bonesupport Holding AB | Implantica vs. Surgical Science Sweden | Implantica vs. Storytel 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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