Correlation Between Esfera Robotics and BEKA LUX
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By analyzing existing cross correlation between Esfera Robotics R and BEKA LUX SICAV, you can compare the effects of market volatilities on Esfera Robotics and BEKA LUX 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 Esfera Robotics with a short position of BEKA LUX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esfera Robotics and BEKA LUX.
Diversification Opportunities for Esfera Robotics and BEKA LUX
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Esfera and BEKA is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Esfera Robotics R and BEKA LUX SICAV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BEKA LUX SICAV and Esfera Robotics 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 Esfera Robotics R are associated (or correlated) with BEKA LUX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BEKA LUX SICAV has no effect on the direction of Esfera Robotics i.e., Esfera Robotics and BEKA LUX go up and down completely randomly.
Pair Corralation between Esfera Robotics and BEKA LUX
Assuming the 90 days trading horizon Esfera Robotics R is expected to generate 4.46 times more return on investment than BEKA LUX. However, Esfera Robotics is 4.46 times more volatile than BEKA LUX SICAV. It trades about 0.29 of its potential returns per unit of risk. BEKA LUX SICAV is currently generating about 0.15 per unit of risk. If you would invest 29,464 in Esfera Robotics R on September 11, 2024 and sell it today you would earn a total of 6,267 from holding Esfera Robotics R or generate 21.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Esfera Robotics R vs. BEKA LUX SICAV
Performance |
Timeline |
Esfera Robotics R |
BEKA LUX SICAV |
Esfera Robotics and BEKA LUX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Esfera Robotics and BEKA LUX
The main advantage of trading using opposite Esfera Robotics and BEKA LUX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esfera Robotics position performs unexpectedly, BEKA LUX 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 BEKA LUX will offset losses from the drop in BEKA LUX's long position.Esfera Robotics vs. SIVERS SEMICONDUCTORS AB | Esfera Robotics vs. Darden Restaurants | Esfera Robotics vs. Q2M Managementberatung AG | Esfera Robotics vs. Hyster Yale Materials Handling |
BEKA LUX vs. Esfera Robotics R | BEKA LUX vs. R co Valor F | BEKA LUX vs. CM AM Monplus NE | BEKA LUX vs. IE00B0H4TS55 |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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