Correlation Between BEKA LUX and Esfera Robotics
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By analyzing existing cross correlation between BEKA LUX SICAV and Esfera Robotics R, you can compare the effects of market volatilities on BEKA LUX and Esfera Robotics 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 BEKA LUX with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of BEKA LUX and Esfera Robotics.
Diversification Opportunities for BEKA LUX and Esfera Robotics
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BEKA and Esfera is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding BEKA LUX SICAV and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and BEKA LUX 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 BEKA LUX SICAV are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of BEKA LUX i.e., BEKA LUX and Esfera Robotics go up and down completely randomly.
Pair Corralation between BEKA LUX and Esfera Robotics
Assuming the 90 days trading horizon BEKA LUX is expected to generate 4.51 times less return on investment than Esfera Robotics. But when comparing it to its historical volatility, BEKA LUX SICAV is 5.34 times less risky than Esfera Robotics. It trades about 0.11 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 30,680 in Esfera Robotics R on September 5, 2024 and sell it today you would earn a total of 4,433 from holding Esfera Robotics R or generate 14.45% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
BEKA LUX SICAV vs. Esfera Robotics R
Performance |
Timeline |
BEKA LUX SICAV |
Esfera Robotics R |
BEKA LUX and Esfera Robotics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BEKA LUX and Esfera Robotics
The main advantage of trading using opposite BEKA LUX and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BEKA LUX position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.BEKA LUX vs. Groupama Entreprises N | BEKA LUX vs. Renaissance Europe C | BEKA LUX vs. Superior Plus Corp | BEKA LUX vs. Origin Agritech |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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