Correlation Between Agilyx AS and Vow ASA
Can any of the company-specific risk be diversified away by investing in both Agilyx AS and Vow ASA 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 Agilyx AS and Vow ASA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilyx AS and Vow ASA, you can compare the effects of market volatilities on Agilyx AS and Vow ASA 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 Agilyx AS with a short position of Vow ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilyx AS and Vow ASA.
Diversification Opportunities for Agilyx AS and Vow ASA
Very good diversification
The 3 months correlation between Agilyx and Vow is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Agilyx AS and Vow ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vow ASA and Agilyx AS 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 Agilyx AS are associated (or correlated) with Vow ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vow ASA has no effect on the direction of Agilyx AS i.e., Agilyx AS and Vow ASA go up and down completely randomly.
Pair Corralation between Agilyx AS and Vow ASA
Assuming the 90 days trading horizon Agilyx AS is expected to generate 0.21 times more return on investment than Vow ASA. However, Agilyx AS is 4.88 times less risky than Vow ASA. It trades about 0.22 of its potential returns per unit of risk. Vow ASA is currently generating about -0.23 per unit of risk. If you would invest 3,295 in Agilyx AS on August 28, 2024 and sell it today you would earn a total of 270.00 from holding Agilyx AS or generate 8.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agilyx AS vs. Vow ASA
Performance |
| Timeline |
| Agilyx AS |
| Vow ASA |
Agilyx AS and Vow ASA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilyx AS and Vow ASA
The main advantage of trading using opposite Agilyx AS and Vow ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilyx AS position performs unexpectedly, Vow ASA 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 Vow ASA will offset losses from the drop in Vow ASA's long position.| Agilyx AS vs. Tomra Systems ASA | Agilyx AS vs. Waste Plastic Upcycling | Agilyx AS vs. Elkem ASA | Agilyx AS vs. Vow ASA |
| Vow ASA vs. Arctic Bioscience AS | Vow ASA vs. ADS Maritime Holding | Vow ASA vs. Arctic Fish Holding | Vow ASA vs. Instabank 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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