Correlation Between Cinis Fertilizer and Asker Healthcare
Can any of the company-specific risk be diversified away by investing in both Cinis Fertilizer and Asker Healthcare at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cinis Fertilizer and Asker Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cinis Fertilizer AB and Asker Healthcare, you can compare the effects of market volatilities on Cinis Fertilizer and Asker Healthcare 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 Cinis Fertilizer with a short position of Asker Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinis Fertilizer and Asker Healthcare.
Diversification Opportunities for Cinis Fertilizer and Asker Healthcare
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cinis and Asker is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Cinis Fertilizer AB and Asker Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asker Healthcare and Cinis Fertilizer 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 Cinis Fertilizer AB are associated (or correlated) with Asker Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asker Healthcare has no effect on the direction of Cinis Fertilizer i.e., Cinis Fertilizer and Asker Healthcare go up and down completely randomly.
Pair Corralation between Cinis Fertilizer and Asker Healthcare
Assuming the 90 days trading horizon Cinis Fertilizer AB is expected to under-perform the Asker Healthcare. In addition to that, Cinis Fertilizer is 2.65 times more volatile than Asker Healthcare. It trades about -0.11 of its total potential returns per unit of risk. Asker Healthcare is currently generating about 0.02 per unit of volatility. If you would invest 10,056 in Asker Healthcare on April 25, 2025 and sell it today you would lose (30.00) from holding Asker Healthcare or give up 0.3% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Cinis Fertilizer AB vs. Asker Healthcare
Performance |
Timeline |
Cinis Fertilizer |
Asker Healthcare |
Cinis Fertilizer and Asker Healthcare Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cinis Fertilizer and Asker Healthcare
The main advantage of trading using opposite Cinis Fertilizer and Asker Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinis Fertilizer position performs unexpectedly, Asker Healthcare 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 Asker Healthcare will offset losses from the drop in Asker Healthcare's long position.Cinis Fertilizer vs. TF Bank AB | Cinis Fertilizer vs. JLT Mobile Computers | Cinis Fertilizer vs. Swedbank AB | Cinis Fertilizer vs. Viva Wine Group |
Asker Healthcare vs. Invisio Communications AB | Asker Healthcare vs. Lundin Mining | Asker Healthcare vs. FormPipe Software AB | Asker Healthcare vs. Train Alliance 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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