Correlation Between PF Atlantic and Spar Nord
Specify exactly 2 symbols:
By analyzing existing cross correlation between PF Atlantic Petroleum and Spar Nord Bank, you can compare the effects of market volatilities on PF Atlantic and Spar Nord 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 Spar Nord. Check out your portfolio center. Please also check ongoing floating volatility patterns of PF Atlantic and Spar Nord.
Diversification Opportunities for PF Atlantic and Spar Nord
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between ATLA-DKK and Spar is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding PF Atlantic Petroleum and Spar Nord Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spar Nord Bank 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 Spar Nord. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spar Nord Bank has no effect on the direction of PF Atlantic i.e., PF Atlantic and Spar Nord go up and down completely randomly.
Pair Corralation between PF Atlantic and Spar Nord
Assuming the 90 days trading horizon PF Atlantic Petroleum is expected to generate 42.59 times more return on investment than Spar Nord. However, PF Atlantic is 42.59 times more volatile than Spar Nord Bank. It trades about 0.26 of its potential returns per unit of risk. Spar Nord Bank is currently generating about 0.25 per unit of risk. If you would invest 156.00 in PF Atlantic Petroleum on November 9, 2024 and sell it today you would earn a total of 87.00 from holding PF Atlantic Petroleum or generate 55.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PF Atlantic Petroleum vs. Spar Nord Bank
Performance |
| Timeline |
| PF Atlantic Petroleum |
| Spar Nord Bank |
PF Atlantic and Spar Nord Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PF Atlantic and Spar Nord
The main advantage of trading using opposite PF Atlantic and Spar Nord positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PF Atlantic position performs unexpectedly, Spar Nord 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 Spar Nord will offset losses from the drop in Spar Nord's long position.| PF Atlantic vs. BioPorto | PF Atlantic vs. cBrain AS | PF Atlantic vs. TORM plc | PF Atlantic vs. Zealand Pharma AS |
| Spar Nord vs. Sydbank AS | Spar Nord vs. Jyske Bank AS | Spar Nord vs. Alm Brand | Spar Nord vs. Nordea Bank Abp |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |