Correlation Between AGNC INVESTMENT and SOEDER SPORTFISKE
Can any of the company-specific risk be diversified away by investing in both AGNC INVESTMENT and SOEDER SPORTFISKE 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 AGNC INVESTMENT and SOEDER SPORTFISKE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGNC INVESTMENT and SOEDER SPORTFISKE AB, you can compare the effects of market volatilities on AGNC INVESTMENT and SOEDER SPORTFISKE 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 AGNC INVESTMENT with a short position of SOEDER SPORTFISKE. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGNC INVESTMENT and SOEDER SPORTFISKE.
Diversification Opportunities for AGNC INVESTMENT and SOEDER SPORTFISKE
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between AGNC and SOEDER is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding AGNC INVESTMENT and SOEDER SPORTFISKE AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOEDER SPORTFISKE and AGNC INVESTMENT 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 AGNC INVESTMENT are associated (or correlated) with SOEDER SPORTFISKE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOEDER SPORTFISKE has no effect on the direction of AGNC INVESTMENT i.e., AGNC INVESTMENT and SOEDER SPORTFISKE go up and down completely randomly.
Pair Corralation between AGNC INVESTMENT and SOEDER SPORTFISKE
Assuming the 90 days trading horizon AGNC INVESTMENT is expected to generate 0.32 times more return on investment than SOEDER SPORTFISKE. However, AGNC INVESTMENT is 3.11 times less risky than SOEDER SPORTFISKE. It trades about -0.07 of its potential returns per unit of risk. SOEDER SPORTFISKE AB is currently generating about -0.07 per unit of risk. If you would invest 957.00 in AGNC INVESTMENT on December 9, 2024 and sell it today you would lose (17.00) from holding AGNC INVESTMENT or give up 1.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGNC INVESTMENT vs. SOEDER SPORTFISKE AB
Performance |
| Timeline |
| AGNC INVESTMENT |
| SOEDER SPORTFISKE |
AGNC INVESTMENT and SOEDER SPORTFISKE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGNC INVESTMENT and SOEDER SPORTFISKE
The main advantage of trading using opposite AGNC INVESTMENT and SOEDER SPORTFISKE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGNC INVESTMENT position performs unexpectedly, SOEDER SPORTFISKE 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 SOEDER SPORTFISKE will offset losses from the drop in SOEDER SPORTFISKE's long position.| AGNC INVESTMENT vs. OFFICE DEPOT | ||
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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 Global Correlations module to find global opportunities by holding instruments from different markets.
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