Correlation Between Storytel and Alpcot Holding
Specify exactly 2 symbols:
By analyzing existing cross correlation between Storytel AB and Alpcot Holding AB, you can compare the effects of market volatilities on Storytel and Alpcot 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 Storytel with a short position of Alpcot Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Alpcot Holding.
Diversification Opportunities for Storytel and Alpcot Holding
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Storytel and Alpcot is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Alpcot Holding AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alpcot Holding AB and Storytel 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 Storytel AB are associated (or correlated) with Alpcot Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alpcot Holding AB has no effect on the direction of Storytel i.e., Storytel and Alpcot Holding go up and down completely randomly.
Pair Corralation between Storytel and Alpcot Holding
Assuming the 90 days trading horizon Storytel AB is expected to generate 0.52 times more return on investment than Alpcot Holding. However, Storytel AB is 1.91 times less risky than Alpcot Holding. It trades about 0.08 of its potential returns per unit of risk. Alpcot Holding AB is currently generating about -0.02 per unit of risk. If you would invest 5,495 in Storytel AB on September 25, 2024 and sell it today you would earn a total of 1,325 from holding Storytel AB or generate 24.11% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Storytel AB vs. Alpcot Holding AB
Performance |
Timeline |
Storytel AB |
Alpcot Holding AB |
Storytel and Alpcot Holding Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Storytel and Alpcot Holding
The main advantage of trading using opposite Storytel and Alpcot Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Alpcot 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 Alpcot Holding will offset losses from the drop in Alpcot Holding's long position.Storytel vs. Lifco AB | Storytel vs. Lagercrantz Group AB | Storytel vs. Instalco Intressenter AB | Storytel vs. AddLife AB |
Alpcot Holding vs. KebNi AB | Alpcot Holding vs. Checkin Group AB | Alpcot Holding vs. Freemelt Holding AB | Alpcot Holding vs. Unibap 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
Transaction History View history of all your transactions and understand their impact on performance |