Correlation Between High Coast and ScandBook Holding

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Can any of the company-specific risk be diversified away by investing in both High Coast and ScandBook Holding 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 High Coast and ScandBook Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between High Coast Distillery and ScandBook Holding AB, you can compare the effects of market volatilities on High Coast and ScandBook Holding 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 High Coast with a short position of ScandBook Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of High Coast and ScandBook Holding.

Diversification Opportunities for High Coast and ScandBook Holding

-0.69
  Correlation Coefficient

Excellent diversification

The 3 months correlation between High and ScandBook is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding High Coast Distillery and ScandBook Holding AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ScandBook Holding and High Coast 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 High Coast Distillery are associated (or correlated) with ScandBook Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ScandBook Holding has no effect on the direction of High Coast i.e., High Coast and ScandBook Holding go up and down completely randomly.

Pair Corralation between High Coast and ScandBook Holding

Assuming the 90 days trading horizon High Coast Distillery is expected to under-perform the ScandBook Holding. In addition to that, High Coast is 1.43 times more volatile than ScandBook Holding AB. It trades about -0.09 of its total potential returns per unit of risk. ScandBook Holding AB is currently generating about 0.12 per unit of volatility. If you would invest  4,210  in ScandBook Holding AB on September 9, 2025 and sell it today you would earn a total of  680.00  from holding ScandBook Holding AB or generate 16.15% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

High Coast Distillery  vs.  ScandBook Holding AB

 Performance 
       Timeline  
High Coast Distillery 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days High Coast Distillery has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's fundamental indicators remain somewhat strong which may send shares a bit higher in January 2026. The current disturbance may also be a sign of long term up-swing for the company investors.
ScandBook Holding 

Risk-Adjusted Performance

Fair

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in ScandBook Holding AB are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, ScandBook Holding unveiled solid returns over the last few months and may actually be approaching a breakup point.

High Coast and ScandBook Holding Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with High Coast and ScandBook Holding

The main advantage of trading using opposite High Coast and ScandBook Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if High Coast position performs unexpectedly, ScandBook Holding 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 ScandBook Holding will offset losses from the drop in ScandBook Holding's long position.
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The idea behind High Coast Distillery and ScandBook Holding AB pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.

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