Correlation Between CSL and SCANDION ONC

Can any of the company-specific risk be diversified away by investing in both CSL and SCANDION ONC 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 CSL and SCANDION ONC into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between CSL LTD SPONADR and SCANDION ONC DK 0735, you can compare the effects of market volatilities on CSL and SCANDION ONC 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 CSL with a short position of SCANDION ONC. Check out your portfolio center. Please also check ongoing floating volatility patterns of CSL and SCANDION ONC.

Diversification Opportunities for CSL and SCANDION ONC

0.0

Correlation Coefficient

CSL  SCANDION ONC

Pay attention - limited upside

The 3 months correlation between CSL and SCANDION is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CSL LTD SPONADR and SCANDION ONC DK 0735 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SCANDION ONC DK and CSL 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 CSL LTD SPONADR are associated (or correlated) with SCANDION ONC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SCANDION ONC DK has no effect on the direction of CSL i.e., CSL and SCANDION ONC go up and down completely randomly.

Pair Corralation between CSL and SCANDION ONC

If you would invest  6,650  in CSL LTD SPONADR on May 8, 2025 and sell it today you would earn a total of  700.00  from holding CSL LTD SPONADR or generate 10.53% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

CSL LTD SPONADR  vs.  SCANDION ONC DK 0735

CSL LTD SPONADR

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in CSL LTD SPONADR are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile forward-looking indicators, CSL may actually be approaching a critical reversion point that can send shares even higher in September 2025.

SCANDION ONC DK

Risk-Adjusted Performance

Weakest

Over the last 90 days SCANDION ONC DK 0735 has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, SCANDION ONC is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with CSL and SCANDION ONC

The main advantage of trading using opposite CSL and SCANDION ONC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CSL position performs unexpectedly, SCANDION ONC 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 SCANDION ONC will offset losses from the drop in SCANDION ONC's long position.

The idea behind CSL LTD SPONADR and SCANDION ONC DK 0735 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.