Correlation Between Hunter Group and Next Biometrics
Can any of the company-specific risk be diversified away by investing in both Hunter Group and Next Biometrics 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 Hunter Group and Next Biometrics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hunter Group ASA and Next Biometrics Group, you can compare the effects of market volatilities on Hunter Group and Next Biometrics 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 Hunter Group with a short position of Next Biometrics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunter Group and Next Biometrics.
Diversification Opportunities for Hunter Group and Next Biometrics
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hunter and Next is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Hunter Group ASA and Next Biometrics Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Next Biometrics Group and Hunter 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 Hunter Group ASA are associated (or correlated) with Next Biometrics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Next Biometrics Group has no effect on the direction of Hunter Group i.e., Hunter Group and Next Biometrics go up and down completely randomly.
Pair Corralation between Hunter Group and Next Biometrics
Assuming the 90 days trading horizon Hunter Group ASA is expected to generate 1.04 times more return on investment than Next Biometrics. However, Hunter Group is 1.04 times more volatile than Next Biometrics Group. It trades about 0.29 of its potential returns per unit of risk. Next Biometrics Group is currently generating about -0.25 per unit of risk. If you would invest 90.00 in Hunter Group ASA on September 3, 2025 and sell it today you would earn a total of 115.00 from holding Hunter Group ASA or generate 127.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunter Group ASA vs. Next Biometrics Group
Performance |
| Timeline |
| Hunter Group ASA |
| Next Biometrics Group |
Hunter Group and Next Biometrics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunter Group and Next Biometrics
The main advantage of trading using opposite Hunter Group and Next Biometrics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunter Group position performs unexpectedly, Next Biometrics 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 Next Biometrics will offset losses from the drop in Next Biometrics' long position.| Hunter Group vs. Elkem ASA | Hunter Group vs. Integrated Wind Solutions | Hunter Group vs. Vow ASA | Hunter Group vs. North Energy ASA |
| Next Biometrics vs. Lokotech Group AS | Next Biometrics vs. SoftwareOne Holding | Next Biometrics vs. NorAm Drilling AS | Next Biometrics vs. Soiltech ASA |
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 Stocks Directory module to find actively traded stocks across global markets.
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