Correlation Between Great Western and KLP Aksje
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By analyzing existing cross correlation between Great Western Mining and KLP Aksje Fremvoksende, you can compare the effects of market volatilities on Great Western and KLP Aksje 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 Great Western with a short position of KLP Aksje. Check out your portfolio center. Please also check ongoing floating volatility patterns of Great Western and KLP Aksje.
Diversification Opportunities for Great Western and KLP Aksje
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Great and KLP is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Great Western Mining and KLP Aksje Fremvoksende in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KLP Aksje Fremvoksende and Great Western 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 Great Western Mining are associated (or correlated) with KLP Aksje. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KLP Aksje Fremvoksende has no effect on the direction of Great Western i.e., Great Western and KLP Aksje go up and down completely randomly.
Pair Corralation between Great Western and KLP Aksje
Assuming the 90 days trading horizon Great Western Mining is expected to generate 31.94 times more return on investment than KLP Aksje. However, Great Western is 31.94 times more volatile than KLP Aksje Fremvoksende. It trades about 0.3 of its potential returns per unit of risk. KLP Aksje Fremvoksende is currently generating about -0.14 per unit of risk. If you would invest 0.05 in Great Western Mining on August 28, 2024 and sell it today you would earn a total of 0.10 from holding Great Western Mining or generate 200.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Great Western Mining vs. KLP Aksje Fremvoksende
Performance |
| Timeline |
| Great Western Mining |
| KLP Aksje Fremvoksende |
Great Western and KLP Aksje Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Great Western and KLP Aksje
The main advantage of trading using opposite Great Western and KLP Aksje positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Great Western position performs unexpectedly, KLP Aksje 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 Aksje will offset losses from the drop in KLP Aksje's long position.| Great Western vs. KLP Aksje Fremvoksende | Great Western vs. Bank of Ireland | Great Western vs. Donegal Investment Group | Great Western vs. Glenveagh Properties PLC |
| KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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