Correlation Between Storytel and Surgical Science
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By analyzing existing cross correlation between Storytel AB and Surgical Science Sweden, you can compare the effects of market volatilities on Storytel and Surgical Science 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 Surgical Science. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storytel and Surgical Science.
Diversification Opportunities for Storytel and Surgical Science
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Storytel and Surgical is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Storytel AB and Surgical Science Sweden in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Surgical Science Sweden 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 Surgical Science. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Surgical Science Sweden has no effect on the direction of Storytel i.e., Storytel and Surgical Science go up and down completely randomly.
Pair Corralation between Storytel and Surgical Science
Assuming the 90 days trading horizon Storytel AB is expected to generate 1.41 times more return on investment than Surgical Science. However, Storytel is 1.41 times more volatile than Surgical Science Sweden. It trades about 0.23 of its potential returns per unit of risk. Surgical Science Sweden is currently generating about 0.21 per unit of risk. If you would invest 6,125 in Storytel AB on September 26, 2024 and sell it today you would earn a total of 695.00 from holding Storytel AB or generate 11.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Storytel AB vs. Surgical Science Sweden
Performance |
Timeline |
Storytel AB |
Surgical Science Sweden |
Storytel and Surgical Science Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Storytel and Surgical Science
The main advantage of trading using opposite Storytel and Surgical Science positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storytel position performs unexpectedly, Surgical Science 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 Surgical Science will offset losses from the drop in Surgical Science's long position.Storytel vs. Lifco AB | Storytel vs. Lagercrantz Group AB | Storytel vs. Instalco Intressenter AB | Storytel vs. AddLife AB |
Surgical Science vs. BICO Group AB | Surgical Science vs. Hexatronic Group AB | Surgical Science vs. Swedencare publ AB | Surgical Science vs. MIPS 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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