Correlation Between KLP Aksje and Storebrand Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between KLP Aksje Fremvoksende and Storebrand Global Solutions, you can compare the effects of market volatilities on KLP Aksje and Storebrand Global 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 KLP Aksje with a short position of Storebrand Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of KLP Aksje and Storebrand Global.
Diversification Opportunities for KLP Aksje and Storebrand Global
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between KLP and Storebrand is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding KLP Aksje Fremvoksende and Storebrand Global Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Storebrand Global and KLP Aksje 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 KLP Aksje Fremvoksende are associated (or correlated) with Storebrand Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Storebrand Global has no effect on the direction of KLP Aksje i.e., KLP Aksje and Storebrand Global go up and down completely randomly.
Pair Corralation between KLP Aksje and Storebrand Global
Assuming the 90 days trading horizon KLP Aksje Fremvoksende is expected to generate 0.93 times more return on investment than Storebrand Global. However, KLP Aksje Fremvoksende is 1.07 times less risky than Storebrand Global. It trades about 0.09 of its potential returns per unit of risk. Storebrand Global Solutions is currently generating about 0.06 per unit of risk. If you would invest 169,230 in KLP Aksje Fremvoksende on November 2, 2024 and sell it today you would earn a total of 11,703 from holding KLP Aksje Fremvoksende or generate 6.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.04% |
| Values | Daily Returns |
KLP Aksje Fremvoksende vs. Storebrand Global Solutions
Performance |
| Timeline |
| KLP Aksje Fremvoksende |
| Storebrand Global |
KLP Aksje and Storebrand Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KLP Aksje and Storebrand Global
The main advantage of trading using opposite KLP Aksje and Storebrand Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KLP Aksje position performs unexpectedly, Storebrand Global 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 Storebrand Global will offset losses from the drop in Storebrand Global's long position.| KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Dalata Hotel Group |
| Storebrand Global vs. Franklin Floating Rate | Storebrand Global vs. Franklin Floating Rate | Storebrand Global vs. Franklin Floating Rate | Storebrand Global 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |