Correlation Between Arion Banki and Nitro Games
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By analyzing existing cross correlation between Arion banki hf and Nitro Games Oyj, you can compare the effects of market volatilities on Arion Banki and Nitro Games 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 Nitro Games. Check out your portfolio center. Please also check ongoing floating volatility patterns of Arion Banki and Nitro Games.
Diversification Opportunities for Arion Banki and Nitro Games
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Arion and Nitro is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Arion banki hf and Nitro Games Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nitro Games Oyj 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 Nitro Games. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nitro Games Oyj has no effect on the direction of Arion Banki i.e., Arion Banki and Nitro Games go up and down completely randomly.
Pair Corralation between Arion Banki and Nitro Games
Assuming the 90 days trading horizon Arion Banki is expected to generate 64.78 times less return on investment than Nitro Games. But when comparing it to its historical volatility, Arion banki hf is 2.8 times less risky than Nitro Games. It trades about 0.01 of its potential returns per unit of risk. Nitro Games Oyj is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 238.00 in Nitro Games Oyj on September 1, 2024 and sell it today you would earn a total of 28.00 from holding Nitro Games Oyj or generate 11.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Arion banki hf vs. Nitro Games Oyj
Performance |
| Timeline |
| Arion banki hf |
| Nitro Games Oyj |
Arion Banki and Nitro Games Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Arion Banki and Nitro Games
The main advantage of trading using opposite Arion Banki and Nitro Games positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Arion Banki position performs unexpectedly, Nitro Games 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 Nitro Games will offset losses from the drop in Nitro Games' long position.| Arion Banki vs. Svenska Handelsbanken AB | Arion Banki vs. Telia Company AB | Arion Banki vs. Tele2 AB | Arion Banki vs. H M Hennes |
| Nitro Games vs. MilDef Group AB | Nitro Games vs. Fractal Gaming Group | Nitro Games vs. KABE Group AB | Nitro Games vs. IAR Systems 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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