Correlation Between VIRG NATL and Coloplast A/S
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By analyzing existing cross correlation between VIRG NATL BANKSH and Coloplast AS, you can compare the effects of market volatilities on VIRG NATL and Coloplast A/S 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 VIRG NATL with a short position of Coloplast A/S. Check out your portfolio center. Please also check ongoing floating volatility patterns of VIRG NATL and Coloplast A/S.
Diversification Opportunities for VIRG NATL and Coloplast A/S
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between VIRG and Coloplast is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding VIRG NATL BANKSH and Coloplast AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coloplast A/S and VIRG NATL 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 VIRG NATL BANKSH are associated (or correlated) with Coloplast A/S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coloplast A/S has no effect on the direction of VIRG NATL i.e., VIRG NATL and Coloplast A/S go up and down completely randomly.
Pair Corralation between VIRG NATL and Coloplast A/S
Assuming the 90 days horizon VIRG NATL BANKSH is expected to generate 2.43 times more return on investment than Coloplast A/S. However, VIRG NATL is 2.43 times more volatile than Coloplast AS. It trades about 0.0 of its potential returns per unit of risk. Coloplast AS is currently generating about -0.01 per unit of risk. If you would invest 3,560 in VIRG NATL BANKSH on September 3, 2024 and sell it today you would lose (40.00) from holding VIRG NATL BANKSH or give up 1.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
VIRG NATL BANKSH vs. Coloplast AS
Performance |
| Timeline |
| VIRG NATL BANKSH |
| Coloplast A/S |
VIRG NATL and Coloplast A/S Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VIRG NATL and Coloplast A/S
The main advantage of trading using opposite VIRG NATL and Coloplast A/S positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VIRG NATL position performs unexpectedly, Coloplast A/S 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 Coloplast A/S will offset losses from the drop in Coloplast A/S's long position.| VIRG NATL vs. Corporate Office Properties | VIRG NATL vs. WillScot Mobile Mini | VIRG NATL vs. Lion Biotechnologies | VIRG NATL vs. T MOBILE INCDL 00001 |
| Coloplast A/S vs. Citic Telecom International | Coloplast A/S vs. COMPUTERSHARE | Coloplast A/S vs. Ribbon Communications | Coloplast A/S vs. GRIFFIN MINING LTD |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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