Correlation Between Byggmax Group and Intellego Technologies
Can any of the company-specific risk be diversified away by investing in both Byggmax Group and Intellego Technologies 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 Byggmax Group and Intellego Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Byggmax Group AB and Intellego Technologies AB, you can compare the effects of market volatilities on Byggmax Group and Intellego Technologies 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 Byggmax Group with a short position of Intellego Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Byggmax Group and Intellego Technologies.
Diversification Opportunities for Byggmax Group and Intellego Technologies
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Byggmax and Intellego is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Byggmax Group AB and Intellego Technologies AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intellego Technologies and Byggmax Group 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 Byggmax Group AB are associated (or correlated) with Intellego Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intellego Technologies has no effect on the direction of Byggmax Group i.e., Byggmax Group and Intellego Technologies go up and down completely randomly.
Pair Corralation between Byggmax Group and Intellego Technologies
Assuming the 90 days trading horizon Byggmax Group is expected to generate 3.65 times less return on investment than Intellego Technologies. But when comparing it to its historical volatility, Byggmax Group AB is 2.43 times less risky than Intellego Technologies. It trades about 0.05 of its potential returns per unit of risk. Intellego Technologies AB is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,450 in Intellego Technologies AB on August 31, 2025 and sell it today you would earn a total of 3,205 from holding Intellego Technologies AB or generate 221.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Byggmax Group AB vs. Intellego Technologies AB
Performance |
| Timeline |
| Byggmax Group AB |
| Intellego Technologies |
Byggmax Group and Intellego Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Byggmax Group and Intellego Technologies
The main advantage of trading using opposite Byggmax Group and Intellego Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Byggmax Group position performs unexpectedly, Intellego Technologies 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 Intellego Technologies will offset losses from the drop in Intellego Technologies' long position.| Byggmax Group vs. Vitec Software Group | Byggmax Group vs. Skandinaviska Enskilda Banken | Byggmax Group vs. Nordic Asia Investment | Byggmax Group vs. JLT Mobile Computers |
| Intellego Technologies vs. Investment AB Oresund | Intellego Technologies vs. Nordic Asia Investment | Intellego Technologies vs. COOR Service Management | Intellego Technologies vs. Link Prop 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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