Correlation Between Axactor SE and DNB NOR
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By analyzing existing cross correlation between Axactor SE and DNB NOR KAPFORV, you can compare the effects of market volatilities on Axactor SE and DNB NOR 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 Axactor SE with a short position of DNB NOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axactor SE and DNB NOR.
Diversification Opportunities for Axactor SE and DNB NOR
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Axactor and DNB is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Axactor SE and DNB NOR KAPFORV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DNB NOR KAPFORV and Axactor SE 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 Axactor SE are associated (or correlated) with DNB NOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DNB NOR KAPFORV has no effect on the direction of Axactor SE i.e., Axactor SE and DNB NOR go up and down completely randomly.
Pair Corralation between Axactor SE and DNB NOR
Assuming the 90 days trading horizon Axactor SE is expected to under-perform the DNB NOR. In addition to that, Axactor SE is 11.37 times more volatile than DNB NOR KAPFORV. It trades about -0.05 of its total potential returns per unit of risk. DNB NOR KAPFORV is currently generating about 0.16 per unit of volatility. If you would invest 101,682 in DNB NOR KAPFORV on September 14, 2024 and sell it today you would earn a total of 7,949 from holding DNB NOR KAPFORV or generate 7.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.26% |
| Values | Daily Returns |
Axactor SE vs. DNB NOR KAPFORV
Performance |
| Timeline |
| Axactor SE |
| DNB NOR KAPFORV |
Axactor SE and DNB NOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axactor SE and DNB NOR
The main advantage of trading using opposite Axactor SE and DNB NOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axactor SE position performs unexpectedly, DNB NOR 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 DNB NOR will offset losses from the drop in DNB NOR's long position.| Axactor SE vs. Storebrand ASA | Axactor SE vs. Aker BP ASA | Axactor SE vs. MPC Container Ships | Axactor SE vs. Norske Skog Asa |
| DNB NOR vs. Elkem ASA | DNB NOR vs. Integrated Wind Solutions | DNB NOR vs. Vow ASA | DNB NOR vs. North Energy ASA |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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