Correlation Between Storytel and Checkin Group
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By analyzing existing cross correlation between Storytel AB and Checkin Group AB, you can compare the effects of market volatilities on Storytel and Checkin Group 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 Checkin Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Checkin Group.
Diversification Opportunities for Storytel and Checkin Group
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Storytel and Checkin is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Checkin Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Checkin Group 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 Checkin Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Checkin Group AB has no effect on the direction of Storytel i.e., Storytel and Checkin Group go up and down completely randomly.
Pair Corralation between Storytel and Checkin Group
Assuming the 90 days trading horizon Storytel AB is expected to generate 1.0 times more return on investment than Checkin Group. However, Storytel AB is 1.0 times less risky than Checkin Group. It trades about 0.03 of its potential returns per unit of risk. Checkin Group AB is currently generating about -0.04 per unit of risk. If you would invest 5,078 in Storytel AB on September 26, 2024 and sell it today you would earn a total of 1,742 from holding Storytel AB or generate 34.3% 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. Checkin Group AB
Performance |
Timeline |
Storytel AB |
Checkin Group AB |
Storytel and Checkin Group Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Storytel and Checkin Group
The main advantage of trading using opposite Storytel and Checkin Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Checkin Group 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 Checkin Group will offset losses from the drop in Checkin Group's long position.Storytel vs. Lifco AB | Storytel vs. Lagercrantz Group AB | Storytel vs. Instalco Intressenter AB | Storytel vs. AddLife AB |
Checkin Group vs. Bambuser AB | Checkin Group vs. Cint Group AB | Checkin Group vs. Sinch AB | Checkin Group vs. Surgical Science Sweden |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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