Correlation Between BankInv GloAkColum and PARKEN Sport
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By analyzing existing cross correlation between BankInv GloAkColum Threadndl and PARKEN Sport Entertainment, you can compare the effects of market volatilities on BankInv GloAkColum and PARKEN Sport 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 BankInv GloAkColum with a short position of PARKEN Sport. Check out your portfolio center. Please also check ongoing floating volatility patterns of BankInv GloAkColum and PARKEN Sport.
Diversification Opportunities for BankInv GloAkColum and PARKEN Sport
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BankInv and PARKEN is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding BankInv GloAkColum Threadndl and PARKEN Sport Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PARKEN Sport Enterta and BankInv GloAkColum 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 BankInv GloAkColum Threadndl are associated (or correlated) with PARKEN Sport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PARKEN Sport Enterta has no effect on the direction of BankInv GloAkColum i.e., BankInv GloAkColum and PARKEN Sport go up and down completely randomly.
Pair Corralation between BankInv GloAkColum and PARKEN Sport
Assuming the 90 days trading horizon BankInv GloAkColum Threadndl is expected to generate 0.45 times more return on investment than PARKEN Sport. However, BankInv GloAkColum Threadndl is 2.22 times less risky than PARKEN Sport. It trades about 0.07 of its potential returns per unit of risk. PARKEN Sport Entertainment is currently generating about -0.02 per unit of risk. If you would invest 13,060 in BankInv GloAkColum Threadndl on August 29, 2024 and sell it today you would earn a total of 1,200 from holding BankInv GloAkColum Threadndl or generate 9.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 77.88% |
| Values | Daily Returns |
BankInv GloAkColum Threadndl vs. PARKEN Sport Entertainment
Performance |
| Timeline |
| BankInv GloAkColum |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| PARKEN Sport Enterta |
BankInv GloAkColum and PARKEN Sport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BankInv GloAkColum and PARKEN Sport
The main advantage of trading using opposite BankInv GloAkColum and PARKEN Sport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BankInv GloAkColum position performs unexpectedly, PARKEN Sport 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 PARKEN Sport will offset losses from the drop in PARKEN Sport's long position.| BankInv GloAkColum vs. Novo Nordisk AS | BankInv GloAkColum vs. Nordea Bank Abp | BankInv GloAkColum vs. DSV Panalpina AS | BankInv GloAkColum vs. AP Mller |
| PARKEN Sport vs. Broendbyernes IF Fodbold | PARKEN Sport vs. Bang Olufsen | PARKEN Sport vs. Matas AS | PARKEN Sport 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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