Correlation Between Nordnet One and KLP AksjeNorge
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By analyzing existing cross correlation between Nordnet One Forsiktig and KLP AksjeNorge Indeks, you can compare the effects of market volatilities on Nordnet One and KLP AksjeNorge 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 Nordnet One with a short position of KLP AksjeNorge. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordnet One and KLP AksjeNorge.
Diversification Opportunities for Nordnet One and KLP AksjeNorge
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nordnet and KLP is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Nordnet One Forsiktig and KLP AksjeNorge Indeks in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KLP AksjeNorge Indeks and Nordnet One 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 Nordnet One Forsiktig are associated (or correlated) with KLP AksjeNorge. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KLP AksjeNorge Indeks has no effect on the direction of Nordnet One i.e., Nordnet One and KLP AksjeNorge go up and down completely randomly.
Pair Corralation between Nordnet One and KLP AksjeNorge
Assuming the 90 days trading horizon Nordnet One Forsiktig is expected to generate 0.3 times more return on investment than KLP AksjeNorge. However, Nordnet One Forsiktig is 3.37 times less risky than KLP AksjeNorge. It trades about 0.37 of its potential returns per unit of risk. KLP AksjeNorge Indeks is currently generating about 0.1 per unit of risk. If you would invest 12,434 in Nordnet One Forsiktig on September 15, 2024 and sell it today you would earn a total of 181.00 from holding Nordnet One Forsiktig or generate 1.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Nordnet One Forsiktig vs. KLP AksjeNorge Indeks
Performance |
| Timeline |
| Nordnet One Forsiktig |
| KLP AksjeNorge Indeks |
Nordnet One and KLP AksjeNorge Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nordnet One and KLP AksjeNorge
The main advantage of trading using opposite Nordnet One and KLP AksjeNorge positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordnet One position performs unexpectedly, KLP AksjeNorge 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 KLP AksjeNorge will offset losses from the drop in KLP AksjeNorge's long position.| Nordnet One vs. Franklin Floating Rate | Nordnet One vs. Franklin Floating Rate | Nordnet One vs. Franklin Floating Rate | Nordnet One vs. Dalata Hotel Group |
| KLP AksjeNorge vs. Franklin Floating Rate | KLP AksjeNorge vs. Franklin Floating Rate | KLP AksjeNorge vs. Franklin Floating Rate | KLP AksjeNorge 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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