Correlation Between Storytel and KebNi AB
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By analyzing existing cross correlation between Storytel AB and KebNi AB, you can compare the effects of market volatilities on Storytel and KebNi AB 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 KebNi AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and KebNi AB.
Diversification Opportunities for Storytel and KebNi AB
Excellent diversification
The 3 months correlation between Storytel and KebNi is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and KebNi AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KebNi 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 KebNi AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KebNi AB has no effect on the direction of Storytel i.e., Storytel and KebNi AB go up and down completely randomly.
Pair Corralation between Storytel and KebNi AB
Assuming the 90 days trading horizon Storytel AB is expected to generate 0.96 times more return on investment than KebNi AB. However, Storytel AB is 1.04 times less risky than KebNi AB. It trades about 0.03 of its potential returns per unit of risk. KebNi AB is currently generating about 0.02 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. KebNi AB
Performance |
Timeline |
Storytel AB |
KebNi AB |
Storytel and KebNi AB Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Storytel and KebNi AB
The main advantage of trading using opposite Storytel and KebNi AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, KebNi AB 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 KebNi AB will offset losses from the drop in KebNi AB's long position.Storytel vs. Lifco AB | Storytel vs. Lagercrantz Group AB | Storytel vs. Instalco Intressenter AB | Storytel vs. AddLife 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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