Correlation Between Arion Banki and COOR Service
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By analyzing existing cross correlation between Arion banki hf and COOR Service Management, you can compare the effects of market volatilities on Arion Banki and COOR Service 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 Arion Banki with a short position of COOR Service. Check out your portfolio center. Please also check ongoing floating volatility patterns of Arion Banki and COOR Service.
Diversification Opportunities for Arion Banki and COOR Service
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Arion and COOR is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Arion banki hf and COOR Service Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COOR Service Management and Arion Banki 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 Arion banki hf are associated (or correlated) with COOR Service. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COOR Service Management has no effect on the direction of Arion Banki i.e., Arion Banki and COOR Service go up and down completely randomly.
Pair Corralation between Arion Banki and COOR Service
Assuming the 90 days trading horizon Arion banki hf is expected to generate 0.67 times more return on investment than COOR Service. However, Arion banki hf is 1.5 times less risky than COOR Service. It trades about 0.15 of its potential returns per unit of risk. COOR Service Management is currently generating about -0.14 per unit of risk. If you would invest 1,180 in Arion banki hf on October 26, 2024 and sell it today you would earn a total of 170.00 from holding Arion banki hf or generate 14.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Arion banki hf vs. COOR Service Management
Performance |
| Timeline |
| Arion banki hf |
| COOR Service Management |
Arion Banki and COOR Service Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Arion Banki and COOR Service
The main advantage of trading using opposite Arion Banki and COOR Service positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Arion Banki position performs unexpectedly, COOR Service 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 COOR Service will offset losses from the drop in COOR Service's long position.| Arion Banki vs. Atrium Ljungberg AB | Arion Banki vs. Arjo AB | Arion Banki vs. Bravida Holding AB | Arion Banki vs. Avanza Bank Holding |
| COOR Service vs. Inwido AB | COOR Service vs. Cloetta AB | COOR Service vs. Clas Ohlson AB | COOR Service vs. Bufab Holding AB |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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