Correlation Between Scandic Hotels and Datalogic
Can any of the company-specific risk be diversified away by investing in both Scandic Hotels and Datalogic 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 Scandic Hotels and Datalogic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Scandic Hotels Group and Datalogic, you can compare the effects of market volatilities on Scandic Hotels and Datalogic 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 Scandic Hotels with a short position of Datalogic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scandic Hotels and Datalogic.
Diversification Opportunities for Scandic Hotels and Datalogic
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Scandic and Datalogic is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Scandic Hotels Group and Datalogic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Datalogic and Scandic Hotels 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 Scandic Hotels Group are associated (or correlated) with Datalogic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Datalogic has no effect on the direction of Scandic Hotels i.e., Scandic Hotels and Datalogic go up and down completely randomly.
Pair Corralation between Scandic Hotels and Datalogic
Assuming the 90 days trading horizon Scandic Hotels Group is expected to under-perform the Datalogic. In addition to that, Scandic Hotels is 1.26 times more volatile than Datalogic. It trades about -0.03 of its total potential returns per unit of risk. Datalogic is currently generating about 0.0 per unit of volatility. If you would invest 454.00 in Datalogic on September 9, 2025 and sell it today you would lose (2.00) from holding Datalogic or give up 0.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Scandic Hotels Group vs. Datalogic
Performance |
| Timeline |
| Scandic Hotels Group |
| Datalogic |
Scandic Hotels and Datalogic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Scandic Hotels and Datalogic
The main advantage of trading using opposite Scandic Hotels and Datalogic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scandic Hotels position performs unexpectedly, Datalogic 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 Datalogic will offset losses from the drop in Datalogic's long position.| Scandic Hotels vs. Berner Kantonalbank AG | Scandic Hotels vs. Bank of Ireland | Scandic Hotels vs. Medical Properties Trust | Scandic Hotels vs. Creo Medical Group |
| Datalogic vs. Taylor Maritime Investments | Datalogic vs. SBM Offshore NV | Datalogic vs. Global Net Lease | Datalogic vs. Ruffer Investment |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |