Correlation Between Accunia Invest and Groenlandsbanken
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By analyzing existing cross correlation between Accunia Invest EUR and Groenlandsbanken AS, you can compare the effects of market volatilities on Accunia Invest and Groenlandsbanken 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 Accunia Invest with a short position of Groenlandsbanken. Check out your portfolio center. Please also check ongoing floating volatility patterns of Accunia Invest and Groenlandsbanken.
Diversification Opportunities for Accunia Invest and Groenlandsbanken
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Accunia and Groenlandsbanken is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Accunia Invest EUR and Groenlandsbanken AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Groenlandsbanken and Accunia Invest 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 Accunia Invest EUR are associated (or correlated) with Groenlandsbanken. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Groenlandsbanken has no effect on the direction of Accunia Invest i.e., Accunia Invest and Groenlandsbanken go up and down completely randomly.
Pair Corralation between Accunia Invest and Groenlandsbanken
Assuming the 90 days trading horizon Accunia Invest is expected to generate 21.67 times less return on investment than Groenlandsbanken. But when comparing it to its historical volatility, Accunia Invest EUR is 2.78 times less risky than Groenlandsbanken. It trades about 0.02 of its potential returns per unit of risk. Groenlandsbanken AS is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 67,500 in Groenlandsbanken AS on September 1, 2024 and sell it today you would earn a total of 2,500 from holding Groenlandsbanken AS or generate 3.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Accunia Invest EUR vs. Groenlandsbanken AS
Performance |
| Timeline |
| Accunia Invest EUR |
| Groenlandsbanken |
Accunia Invest and Groenlandsbanken Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Accunia Invest and Groenlandsbanken
The main advantage of trading using opposite Accunia Invest and Groenlandsbanken positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Accunia Invest position performs unexpectedly, Groenlandsbanken 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 Groenlandsbanken will offset losses from the drop in Groenlandsbanken's long position.| Accunia Invest vs. Groenlandsbanken AS | Accunia Invest vs. Cessatech AS | Accunia Invest vs. BankInvest Value Globale | Accunia Invest vs. North Media AS |
| Groenlandsbanken vs. Sydbank AS | Groenlandsbanken vs. Jyske Bank AS | Groenlandsbanken vs. Alm Brand | Groenlandsbanken vs. Nordea Bank Abp |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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