Correlation Between Storebrand Global and Kerry
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By analyzing existing cross correlation between Storebrand Global Solutions and Kerry Group, you can compare the effects of market volatilities on Storebrand Global and Kerry 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 Storebrand Global with a short position of Kerry. Check out your portfolio center. Please also check ongoing floating volatility patterns of Storebrand Global and Kerry.
Diversification Opportunities for Storebrand Global and Kerry
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Storebrand and Kerry is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Storebrand Global Solutions and Kerry Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kerry Group and Storebrand Global 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 Storebrand Global Solutions are associated (or correlated) with Kerry. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kerry Group has no effect on the direction of Storebrand Global i.e., Storebrand Global and Kerry go up and down completely randomly.
Pair Corralation between Storebrand Global and Kerry
Assuming the 90 days trading horizon Storebrand Global Solutions is expected to generate 0.47 times more return on investment than Kerry. However, Storebrand Global Solutions is 2.12 times less risky than Kerry. It trades about 0.02 of its potential returns per unit of risk. Kerry Group is currently generating about -0.07 per unit of risk. If you would invest 232,850 in Storebrand Global Solutions on August 28, 2024 and sell it today you would earn a total of 842.00 from holding Storebrand Global Solutions or generate 0.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Storebrand Global Solutions vs. Kerry Group
Performance |
| Timeline |
| Storebrand Global |
| Kerry Group |
Storebrand Global and Kerry Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Storebrand Global and Kerry
The main advantage of trading using opposite Storebrand Global and Kerry positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Storebrand Global position performs unexpectedly, Kerry 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 Kerry will offset losses from the drop in Kerry's long position.| Storebrand Global vs. Franklin Floating Rate | Storebrand Global vs. Franklin Floating Rate | Storebrand Global vs. Franklin Floating Rate | Storebrand Global vs. Dalata Hotel Group |
| Kerry vs. Kingspan Group plc | Kerry vs. Bank of Ireland | Kerry vs. KLP Aksje Fremvoksende | Kerry vs. Great Western Mining |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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