Nordea Invest Correlations

NDIDAFKL1

182.05 1.45 0.79%

The current 90-days correlation between Nordea Invest Danske and North Media AS is 0.16 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Nordea Invest moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Nordea Invest Danske moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Nordea Invest Correlation With Market

Average diversification

The correlation between Nordea Invest Danske and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Nordea Invest Danske and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Nordea Invest 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 Invest 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 Invest - 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 Invest Danske to buy it.

Moving together with Nordea Stock

0.74	NOVO-B	Novo Nordisk AS	Pair Corr
0.64	ORSTED	Orsted AS	Pair Corr
0.83	VWS	Vestas Wind Systems	Pair Corr
0.69	GMAB	Genmab AS	Pair Corr
0.67	CARL-B	Carlsberg AS	Pair Corr

Moving against Nordea Stock

0.65	DSV	DSV Panalpina AS	Pair Corr
0.54	MAERSK-A	AP Mller	Pair Corr
0.53	MAERSK-B	AP Mller	Pair Corr

Related Correlations Analysis

	NORTHM	PARKEN	NRDF	TGAMES	DATA	DJUR	SMSMED
NORTHM		-0.46	0.82	0.81	-0.57	-0.38	0.29	NORTHM
PARKEN	-0.46		-0.28	-0.54	0.6	0.47	-0.58	PARKEN
NRDF	0.82	-0.28		0.57	-0.48	0.03	0.09	NRDF
TGAMES	0.81	-0.54	0.57		-0.54	-0.41	0.42	TGAMES
DATA	-0.57	0.6	-0.48	-0.54		0.39	-0.44	DATA
DJUR	-0.38	0.47	0.03	-0.41	0.39		-0.3	DJUR
SMSMED	0.29	-0.58	0.09	0.42	-0.44	-0.3		SMSMED
	NORTHM	PARKEN	NRDF	TGAMES	DATA	DJUR	SMSMED

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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

NRDF	+ 0.82	NORTHM
TGAMES	+ 0.81	NORTHM
DATA	+ 0.6	PARKEN
TGAMES	+ 0.57	NRDF
DJUR	+ 0.47	PARKEN
SMSMED	+ 0.42	TGAMES

High negative correlations

SMSMED	- 0.58	PARKEN
DATA	- 0.57	NORTHM
DATA	- 0.54	TGAMES
TGAMES	- 0.54	PARKEN
DATA	- 0.48	NRDF
PARKEN	- 0.46	NORTHM

Risk-Adjusted Indicators

There is a big difference between Nordea Stock performing well and Nordea Invest Company 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 Invest'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
NORTHM	0.99	(0.30)	0.00	4.96	0.00	0.00	1.47	(2.34)	6.63
PARKEN	1.44	0.13	0.06	0.31	1.47	(2.24)	2.95	(1.73)	23.85
NRDF	0.62	(0.05)	0.00	0.31	0.00	0.00	1.25	(1.20)	6.10
TGAMES	1.86	(0.22)	0.00	0.48	0.00	0.00	4.20	(3.85)	14.38
DATA	1.99	0.29	0.06	(0.21)	2.02	(2.76)	4.27	(3.69)	11.97
DJUR	0.77	0.16	0.06	(0.71)	0.65	(1.44)	1.94	(1.90)	3.96
SMSMED	2.09	(0.12)	0.00	5.39	0.00	0.00	4.08	(4.64)	16.20

Nordea Invest 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 Invest stock to make a market-neutral strategy. Peer analysis of Nordea Invest could also be used in its relative valuation, which is a method of valuing Nordea Invest by comparing valuation metrics with similar companies.

North Media AS PARKEN Sport Entertainment Nordfyns Bank AS TROPHY GAMES Development Dataproces Group AS Djurslands Bank Scandinavian Medical Solutions American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne CVS Health Corp Chevron Corp

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