Correlation Between Aspo Oyj and HKFoods Oyj
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By analyzing existing cross correlation between Aspo Oyj and HKFoods Oyj A, you can compare the effects of market volatilities on Aspo Oyj and HKFoods Oyj 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 Aspo Oyj with a short position of HKFoods Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aspo Oyj and HKFoods Oyj.
Diversification Opportunities for Aspo Oyj and HKFoods Oyj
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aspo and HKFoods is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Aspo Oyj and HKFoods Oyj A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HKFoods Oyj A and Aspo Oyj 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 Aspo Oyj are associated (or correlated) with HKFoods Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HKFoods Oyj A has no effect on the direction of Aspo Oyj i.e., Aspo Oyj and HKFoods Oyj go up and down completely randomly.
Pair Corralation between Aspo Oyj and HKFoods Oyj
Assuming the 90 days trading horizon Aspo Oyj is expected to under-perform the HKFoods Oyj. But the stock apears to be less risky and, when comparing its historical volatility, Aspo Oyj is 3.04 times less risky than HKFoods Oyj. The stock trades about -0.59 of its potential returns per unit of risk. The HKFoods Oyj A is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 75.00 in HKFoods Oyj A on August 27, 2024 and sell it today you would earn a total of 5.00 from holding HKFoods Oyj A or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aspo Oyj vs. HKFoods Oyj A
Performance |
| Timeline |
| Aspo Oyj |
| HKFoods Oyj A |
Aspo Oyj and HKFoods Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aspo Oyj and HKFoods Oyj
The main advantage of trading using opposite Aspo Oyj and HKFoods Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aspo Oyj position performs unexpectedly, HKFoods Oyj 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 HKFoods Oyj will offset losses from the drop in HKFoods Oyj's long position.| Aspo Oyj vs. Tokmanni Group Oyj | Aspo Oyj vs. Kemira Oyj | Aspo Oyj vs. TietoEVRY Corp | Aspo Oyj vs. CapMan Oyj B |
| HKFoods Oyj vs. Kamux Suomi Oy | HKFoods Oyj vs. Harvia Oyj | HKFoods Oyj vs. Qt Group Oyj | HKFoods Oyj vs. Tecnotree Oyj |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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