Correlation Between Enzymatica Publ and Magle Chemoswed
Can any of the company-specific risk be diversified away by investing in both Enzymatica Publ and Magle Chemoswed 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 Enzymatica Publ and Magle Chemoswed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enzymatica publ AB and Magle Chemoswed Holding, you can compare the effects of market volatilities on Enzymatica Publ and Magle Chemoswed 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 Enzymatica Publ with a short position of Magle Chemoswed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enzymatica Publ and Magle Chemoswed.
Diversification Opportunities for Enzymatica Publ and Magle Chemoswed
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Enzymatica and Magle is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Enzymatica publ AB and Magle Chemoswed Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Magle Chemoswed Holding and Enzymatica Publ 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 Enzymatica publ AB are associated (or correlated) with Magle Chemoswed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Magle Chemoswed Holding has no effect on the direction of Enzymatica Publ i.e., Enzymatica Publ and Magle Chemoswed go up and down completely randomly.
Pair Corralation between Enzymatica Publ and Magle Chemoswed
Assuming the 90 days trading horizon Enzymatica publ AB is expected to under-perform the Magle Chemoswed. But the stock apears to be less risky and, when comparing its historical volatility, Enzymatica publ AB is 1.09 times less risky than Magle Chemoswed. The stock trades about -0.09 of its potential returns per unit of risk. The Magle Chemoswed Holding is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 2,180 in Magle Chemoswed Holding on August 20, 2025 and sell it today you would lose (270.00) from holding Magle Chemoswed Holding or give up 12.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Enzymatica publ AB vs. Magle Chemoswed Holding
Performance |
| Timeline |
| Enzymatica publ AB |
| Magle Chemoswed Holding |
Enzymatica Publ and Magle Chemoswed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enzymatica Publ and Magle Chemoswed
The main advantage of trading using opposite Enzymatica Publ and Magle Chemoswed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enzymatica Publ position performs unexpectedly, Magle Chemoswed 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 Magle Chemoswed will offset losses from the drop in Magle Chemoswed's long position.| Enzymatica Publ vs. Moberg Pharma AB | Enzymatica Publ vs. Corline Biomedical AB | Enzymatica Publ vs. Nanexa AB | Enzymatica Publ vs. Fluoguide AS |
| Magle Chemoswed vs. Mendus AB | Magle Chemoswed vs. Ascelia Pharma AB | Magle Chemoswed vs. Corline Biomedical AB | Magle Chemoswed vs. Elicera Therapeutics AB |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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