Correlation Between Agillic AS and ChemoMetec

By analyzing existing cross correlation between Agillic AS and ChemoMetec AS you can compare the effects of market volatilities on Agillic AS and ChemoMetec 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 Agillic AS with a short position of ChemoMetec. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agillic AS and ChemoMetec.

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Can any of the company-specific risk be diversified away by investing in both Agillic AS and ChemoMetec at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing Agillic AS and ChemoMetec into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for Agillic AS and ChemoMetec

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Pay attention - limited upside

The 3 months correlation between Agillic and ChemoMetec is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Agillic AS and ChemoMetec AS in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ChemoMetec AS and Agillic AS 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 Agillic AS are associated (or correlated) with ChemoMetec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ChemoMetec AS has no effect on the direction of Agillic AS i.e. Agillic AS and ChemoMetec go up and down completely randomly.

Pair Corralation between Agillic AS and ChemoMetec

If you would invest  24,050  in ChemoMetec AS on April 28, 2020 and sell it today you would earn a total of  9,650  from holding ChemoMetec AS or generate 40.12% return on investment over 30 days.
Time Period3 Months [change]
ValuesDaily Returns

Agillic AS  vs.  ChemoMetec AS

 Performance (%) 
Agillic AS 

Agillic AS Risk-Adjusted Performance

Over the last 30 days Agillic AS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Agillic AS is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
ChemoMetec AS 

ChemoMetec Risk-Adjusted Performance

Over the last 30 days ChemoMetec AS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat conflicting basic indicators, ChemoMetec sustained solid returns over the last few months and may actually be approaching a breakup point.

Agillic AS and ChemoMetec Volatility Contrast

ChemoMetec AS

Pair trading matchups for ChemoMetec

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