Correlation Between Hoist Finance and Austevoll Seafood
Can any of the company-specific risk be diversified away by investing in both Hoist Finance and Austevoll Seafood at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Hoist Finance and Austevoll Seafood into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hoist Finance AB and Austevoll Seafood ASA, you can compare the effects of market volatilities on Hoist Finance and Austevoll Seafood 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 Hoist Finance with a short position of Austevoll Seafood. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoist Finance and Austevoll Seafood.
Diversification Opportunities for Hoist Finance and Austevoll Seafood
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hoist and Austevoll is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hoist Finance AB and Austevoll Seafood ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Austevoll Seafood ASA and Hoist Finance 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 Hoist Finance AB are associated (or correlated) with Austevoll Seafood. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Austevoll Seafood ASA has no effect on the direction of Hoist Finance i.e., Hoist Finance and Austevoll Seafood go up and down completely randomly.
Pair Corralation between Hoist Finance and Austevoll Seafood
If you would invest 343.00 in Austevoll Seafood ASA on October 29, 2024 and sell it today you would earn a total of 573.00 from holding Austevoll Seafood ASA or generate 167.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Hoist Finance AB vs. Austevoll Seafood ASA
Performance |
| Timeline |
| Hoist Finance AB |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Austevoll Seafood ASA |
Hoist Finance and Austevoll Seafood Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoist Finance and Austevoll Seafood
The main advantage of trading using opposite Hoist Finance and Austevoll Seafood positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoist Finance position performs unexpectedly, Austevoll Seafood 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 Austevoll Seafood will offset losses from the drop in Austevoll Seafood's long position.| Hoist Finance vs. NorAm Drilling AS | Hoist Finance vs. FANDIFI TECHNOLOGY P | Hoist Finance vs. Soken Chemical Engineering | Hoist Finance vs. Sanyo Chemical Industries |
| Austevoll Seafood vs. BURLINGTON STORES | Austevoll Seafood vs. RETAIL FOOD GROUP | Austevoll Seafood vs. SLR Investment Corp | Austevoll Seafood vs. Caseys General Stores |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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