Nordea 2 Correlations

0P0001H55I

247.96 2.49 0.99%

The current 90-days correlation between Nordea 2 and Franklin Floating Rate is 0.11 (i.e., Average diversification). The correlation of Nordea 2 is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Nordea 2 Correlation With Market

Good diversification

The correlation between Nordea 2 and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nordea 2 and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Nordea 2 could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Nordea 2 when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Nordea 2 - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Nordea 2 to buy it.

Moving together with Nordea Fund

0.83	IE00B065CV35	Franklin Floating Rate	Pair Corr
0.83	IE0032578035	Franklin Floating Rate	Pair Corr
0.82	IE00B000C709	Franklin Floating Rate	Pair Corr

Related Correlations Analysis

	IE00B065CV35	IE0032578035	IE00B000C709	DHG	UPR	0P0001EIH6	OIZ	0P0001EC8K	8GW	BIRG
IE00B065CV35		1.0	1.0	0.52	-0.89	0.77	-0.71	0.83	0.68	-0.88	IE00B065CV35
IE0032578035	1.0		1.0	0.49	-0.88	0.81	-0.69	0.85	0.65	-0.89	IE0032578035
IE00B000C709	1.0	1.0		0.51	-0.9	0.78	-0.7	0.84	0.68	-0.89	IE00B000C709
DHG	0.52	0.49	0.51		-0.64	0.16	-0.7	0.36	0.68	-0.38	DHG
UPR	-0.89	-0.88	-0.9	-0.64		-0.56	0.86	-0.65	-0.84	0.83	UPR
0P0001EIH6	0.77	0.81	0.78	0.16	-0.56		-0.45	0.84	0.22	-0.83	0P0001EIH6
OIZ	-0.71	-0.69	-0.7	-0.7	0.86	-0.45		-0.45	-0.79	0.74	OIZ
0P0001EC8K	0.83	0.85	0.84	0.36	-0.65	0.84	-0.45		0.36	-0.79	0P0001EC8K
8GW	0.68	0.65	0.68	0.68	-0.84	0.22	-0.79	0.36		-0.54	8GW
BIRG	-0.88	-0.89	-0.89	-0.38	0.83	-0.83	0.74	-0.79	-0.54		BIRG
	IE00B065CV35	IE0032578035	IE00B000C709	DHG	UPR	0P0001EIH6	OIZ	0P0001EC8K	8GW	BIRG

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

IE0032578035	+ 1.0	IE00B065CV35
IE00B000C709	+ 1.0	IE00B065CV35
IE00B000C709	+ 1.0	IE0032578035
OIZ	+ 0.86	UPR
0P0001EC8K	+ 0.85	IE0032578035
0P0001EC8K	+ 0.84	IE00B000C709

High negative correlations

UPR	- 0.9	IE00B000C709
BIRG	- 0.89	IE00B000C709
BIRG	- 0.89	IE0032578035
UPR	- 0.89	IE00B065CV35
UPR	- 0.88	IE0032578035
BIRG	- 0.88	IE00B065CV35

Risk-Adjusted Indicators

There is a big difference between Nordea Fund performing well and Nordea 2 Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Nordea 2's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
IE00B065CV35	0.07	0.02	(0.80)	5.78	0.00	(0.10)	0.19	(0.13)	0.38
IE0032578035	0.07	0.02	(0.62)	1.94	0.00	(0.15)	0.15	(0.15)	0.44
IE00B000C709	0.07	0.02	(0.84)	4.74	0.00	(0.10)	0.17	(0.11)	0.38
DHG	1.12	(0.10)	(0.06)	(0.01)	1.82	(1.08)	1.79	(1.78)	7.93
UPR	1.40	(0.40)	0.00	(1.71)	0.00	0.00	2.00	(3.03)	8.56
0P0001EIH6	0.60	0.06	(0.06)	0.56	0.62	(0.66)	1.26	(1.13)	3.70
OIZ	1.16	(0.11)	0.00	(0.49)	0.00	0.00	2.81	(3.03)	7.52
0P0001EC8K	0.60	0.05	(0.08)	0.54	0.65	(0.70)	1.36	(1.20)	4.20
8GW	4.41	2.41	0.00	(1.87)	0.00	0.00	0.00	0.00	100.00
BIRG	1.38	(0.29)	0.00	9.41	0.00	0.00	2.40	(4.18)	11.75

Nordea 2 Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Nordea 2 fund to make a market-neutral strategy. Peer analysis of Nordea 2 could also be used in its relative valuation, which is a method of valuing Nordea 2 by comparing valuation metrics with similar companies.

Franklin Floating Rate Franklin Floating Rate Franklin Floating Rate Dalata Hotel Group Uniphar Group PLC KLP Aksje Fremvoksende Origin Enterprises Plc Storebrand Global Solutions Great Western Mining Bank of Ireland American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup

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