Correlation Between Svenska Handelsbanken and Enzymatica Publ
Can any of the company-specific risk be diversified away by investing in both Svenska Handelsbanken and Enzymatica Publ 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 Svenska Handelsbanken and Enzymatica Publ into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Svenska Handelsbanken AB and Enzymatica publ AB, you can compare the effects of market volatilities on Svenska Handelsbanken and Enzymatica Publ 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 Svenska Handelsbanken with a short position of Enzymatica Publ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Svenska Handelsbanken and Enzymatica Publ.
Diversification Opportunities for Svenska Handelsbanken and Enzymatica Publ
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Svenska and Enzymatica is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Svenska Handelsbanken AB and Enzymatica publ AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enzymatica publ AB and Svenska Handelsbanken 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 Svenska Handelsbanken AB are associated (or correlated) with Enzymatica Publ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enzymatica publ AB has no effect on the direction of Svenska Handelsbanken i.e., Svenska Handelsbanken and Enzymatica Publ go up and down completely randomly.
Pair Corralation between Svenska Handelsbanken and Enzymatica Publ
Assuming the 90 days trading horizon Svenska Handelsbanken AB is expected to generate 0.42 times more return on investment than Enzymatica Publ. However, Svenska Handelsbanken AB is 2.38 times less risky than Enzymatica Publ. It trades about 0.0 of its potential returns per unit of risk. Enzymatica publ AB is currently generating about -0.1 per unit of risk. If you would invest 20,780 in Svenska Handelsbanken AB on August 21, 2025 and sell it today you would lose (40.00) from holding Svenska Handelsbanken AB or give up 0.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Svenska Handelsbanken AB vs. Enzymatica publ AB
Performance |
| Timeline |
| Svenska Handelsbanken |
| Enzymatica publ AB |
Svenska Handelsbanken and Enzymatica Publ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Svenska Handelsbanken and Enzymatica Publ
The main advantage of trading using opposite Svenska Handelsbanken and Enzymatica Publ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Svenska Handelsbanken position performs unexpectedly, Enzymatica Publ 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 Enzymatica Publ will offset losses from the drop in Enzymatica Publ's long position.| Svenska Handelsbanken vs. Sampo A SDB | Svenska Handelsbanken vs. Swedbank AB | Svenska Handelsbanken vs. Skandinaviska Enskilda Banken | Svenska Handelsbanken vs. Industrivarden AB ser |
| Enzymatica Publ vs. Egetis Therapeutics AB | Enzymatica Publ vs. BioInvent International AB | Enzymatica Publ vs. Humana AB | Enzymatica Publ vs. Vicore Pharma Holding |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |