Correlation Between Fenix Outdoor and Heimstaden
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By analyzing existing cross correlation between Fenix Outdoor International and Heimstaden AB Pfd, you can compare the effects of market volatilities on Fenix Outdoor and Heimstaden 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 Fenix Outdoor with a short position of Heimstaden. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fenix Outdoor and Heimstaden.
Diversification Opportunities for Fenix Outdoor and Heimstaden
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fenix and Heimstaden is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Fenix Outdoor International and Heimstaden AB Pfd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heimstaden AB Pfd and Fenix Outdoor 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 Fenix Outdoor International are associated (or correlated) with Heimstaden. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heimstaden AB Pfd has no effect on the direction of Fenix Outdoor i.e., Fenix Outdoor and Heimstaden go up and down completely randomly.
Pair Corralation between Fenix Outdoor and Heimstaden
Assuming the 90 days trading horizon Fenix Outdoor International is expected to under-perform the Heimstaden. In addition to that, Fenix Outdoor is 1.11 times more volatile than Heimstaden AB Pfd. It trades about -0.09 of its total potential returns per unit of risk. Heimstaden AB Pfd is currently generating about 0.22 per unit of volatility. If you would invest 1,316 in Heimstaden AB Pfd on April 23, 2025 and sell it today you would earn a total of 334.00 from holding Heimstaden AB Pfd or generate 25.38% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Fenix Outdoor International vs. Heimstaden AB Pfd
Performance |
Timeline |
Fenix Outdoor Intern |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Heimstaden AB Pfd |
Fenix Outdoor and Heimstaden Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fenix Outdoor and Heimstaden
The main advantage of trading using opposite Fenix Outdoor and Heimstaden positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fenix Outdoor position performs unexpectedly, Heimstaden 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 Heimstaden will offset losses from the drop in Heimstaden's long position.Fenix Outdoor vs. Thule Group AB | Fenix Outdoor vs. Nolato AB | Fenix Outdoor vs. Holmen AB | Fenix Outdoor vs. Troax Group 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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