Correlation Between PF Atlantic and Dampskibsselskabet
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By analyzing existing cross correlation between PF Atlantic Petroleum and Dampskibsselskabet Norden AS, you can compare the effects of market volatilities on PF Atlantic and Dampskibsselskabet 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 PF Atlantic with a short position of Dampskibsselskabet. Check out your portfolio center. Please also check ongoing floating volatility patterns of PF Atlantic and Dampskibsselskabet.
Diversification Opportunities for PF Atlantic and Dampskibsselskabet
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ATLA-DKK and Dampskibsselskabet is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding PF Atlantic Petroleum and Dampskibsselskabet Norden AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dampskibsselskabet and PF Atlantic 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 PF Atlantic Petroleum are associated (or correlated) with Dampskibsselskabet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dampskibsselskabet has no effect on the direction of PF Atlantic i.e., PF Atlantic and Dampskibsselskabet go up and down completely randomly.
Pair Corralation between PF Atlantic and Dampskibsselskabet
Assuming the 90 days trading horizon PF Atlantic Petroleum is expected to generate 1.73 times more return on investment than Dampskibsselskabet. However, PF Atlantic is 1.73 times more volatile than Dampskibsselskabet Norden AS. It trades about -0.01 of its potential returns per unit of risk. Dampskibsselskabet Norden AS is currently generating about -0.07 per unit of risk. If you would invest 295.00 in PF Atlantic Petroleum on August 25, 2024 and sell it today you would lose (90.00) from holding PF Atlantic Petroleum or give up 30.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PF Atlantic Petroleum vs. Dampskibsselskabet Norden AS
Performance |
| Timeline |
| PF Atlantic Petroleum |
| Dampskibsselskabet |
PF Atlantic and Dampskibsselskabet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PF Atlantic and Dampskibsselskabet
The main advantage of trading using opposite PF Atlantic and Dampskibsselskabet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PF Atlantic position performs unexpectedly, Dampskibsselskabet 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 Dampskibsselskabet will offset losses from the drop in Dampskibsselskabet's long position.| PF Atlantic vs. BioPorto | PF Atlantic vs. cBrain AS | PF Atlantic vs. Orphazyme AS | PF Atlantic vs. TORM plc |
| Dampskibsselskabet vs. TORM plc | Dampskibsselskabet vs. FLSmidth Co | Dampskibsselskabet vs. NKT AS | Dampskibsselskabet vs. ALK Abell AS |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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