Correlation Between DNB Norge and Nordnet Teknologi
Specify exactly 2 symbols:
By analyzing existing cross correlation between DNB Norge Selektiv and Nordnet Teknologi Indeks, you can compare the effects of market volatilities on DNB Norge and Nordnet Teknologi 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 DNB Norge with a short position of Nordnet Teknologi. Check out your portfolio center. Please also check ongoing floating volatility patterns of DNB Norge and Nordnet Teknologi.
Diversification Opportunities for DNB Norge and Nordnet Teknologi
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between DNB and Nordnet is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding DNB Norge Selektiv and Nordnet Teknologi Indeks in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordnet Teknologi Indeks and DNB Norge 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 DNB Norge Selektiv are associated (or correlated) with Nordnet Teknologi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordnet Teknologi Indeks has no effect on the direction of DNB Norge i.e., DNB Norge and Nordnet Teknologi go up and down completely randomly.
Pair Corralation between DNB Norge and Nordnet Teknologi
Assuming the 90 days trading horizon DNB Norge Selektiv is expected to generate 0.28 times more return on investment than Nordnet Teknologi. However, DNB Norge Selektiv is 3.54 times less risky than Nordnet Teknologi. It trades about 0.16 of its potential returns per unit of risk. Nordnet Teknologi Indeks is currently generating about -0.09 per unit of risk. If you would invest 169,254 in DNB Norge Selektiv on November 2, 2024 and sell it today you would earn a total of 3,048 from holding DNB Norge Selektiv or generate 1.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DNB Norge Selektiv vs. Nordnet Teknologi Indeks
Performance |
| Timeline |
| DNB Norge Selektiv |
| Nordnet Teknologi Indeks |
DNB Norge and Nordnet Teknologi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DNB Norge and Nordnet Teknologi
The main advantage of trading using opposite DNB Norge and Nordnet Teknologi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DNB Norge position performs unexpectedly, Nordnet Teknologi 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 Nordnet Teknologi will offset losses from the drop in Nordnet Teknologi's long position.| DNB Norge vs. Franklin Floating Rate | DNB Norge vs. Franklin Floating Rate | DNB Norge vs. Franklin Floating Rate | DNB Norge vs. Dalata Hotel Group |
| Nordnet Teknologi vs. Franklin Floating Rate | Nordnet Teknologi vs. Franklin Floating Rate | Nordnet Teknologi vs. Franklin Floating Rate | Nordnet Teknologi vs. Dalata Hotel Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |