Correlation Between PF Atlantic and NTG Nordic
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By analyzing existing cross correlation between PF Atlantic Petroleum and NTG Nordic Transport, you can compare the effects of market volatilities on PF Atlantic and NTG Nordic 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 NTG Nordic. Check out your portfolio center. Please also check ongoing floating volatility patterns of PF Atlantic and NTG Nordic.
Diversification Opportunities for PF Atlantic and NTG Nordic
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ATLA-DKK and NTG is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding PF Atlantic Petroleum and NTG Nordic Transport in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NTG Nordic Transport 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 NTG Nordic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NTG Nordic Transport has no effect on the direction of PF Atlantic i.e., PF Atlantic and NTG Nordic go up and down completely randomly.
Pair Corralation between PF Atlantic and NTG Nordic
Assuming the 90 days trading horizon PF Atlantic Petroleum is expected to under-perform the NTG Nordic. In addition to that, PF Atlantic is 2.32 times more volatile than NTG Nordic Transport. It trades about -0.1 of its total potential returns per unit of risk. NTG Nordic Transport is currently generating about -0.09 per unit of volatility. If you would invest 30,000 in NTG Nordic Transport on August 29, 2024 and sell it today you would lose (1,300) from holding NTG Nordic Transport or give up 4.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
PF Atlantic Petroleum vs. NTG Nordic Transport
Performance |
| Timeline |
| PF Atlantic Petroleum |
| NTG Nordic Transport |
PF Atlantic and NTG Nordic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PF Atlantic and NTG Nordic
The main advantage of trading using opposite PF Atlantic and NTG Nordic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PF Atlantic position performs unexpectedly, NTG Nordic 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 NTG Nordic will offset losses from the drop in NTG Nordic's long position.| PF Atlantic vs. BioPorto | PF Atlantic vs. cBrain AS | PF Atlantic vs. Orphazyme AS | PF Atlantic vs. TORM plc |
| NTG Nordic vs. cBrain AS | NTG Nordic vs. Netcompany Group AS | NTG Nordic vs. ChemoMetec AS | NTG Nordic vs. NKT 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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