Correlation Between BankInvest Value and PARKEN Sport
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By analyzing existing cross correlation between BankInvest Value Globale and PARKEN Sport Entertainment, you can compare the effects of market volatilities on BankInvest Value 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 BankInvest Value with a short position of PARKEN Sport. Check out your portfolio center. Please also check ongoing floating volatility patterns of BankInvest Value and PARKEN Sport.
Diversification Opportunities for BankInvest Value and PARKEN Sport
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BankInvest and PARKEN is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding BankInvest Value Globale 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 BankInvest Value 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 BankInvest Value Globale 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 BankInvest Value i.e., BankInvest Value and PARKEN Sport go up and down completely randomly.
Pair Corralation between BankInvest Value and PARKEN Sport
Assuming the 90 days trading horizon BankInvest Value Globale is expected to generate 0.46 times more return on investment than PARKEN Sport. However, BankInvest Value Globale is 2.16 times less risky than PARKEN Sport. It trades about 0.08 of its potential returns per unit of risk. PARKEN Sport Entertainment is currently generating about 0.04 per unit of risk. If you would invest 9,904 in BankInvest Value Globale on September 3, 2024 and sell it today you would earn a total of 846.00 from holding BankInvest Value Globale or generate 8.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 84.38% |
| Values | Daily Returns |
BankInvest Value Globale vs. PARKEN Sport Entertainment
Performance |
| Timeline |
| BankInvest Value Globale |
| PARKEN Sport Enterta |
BankInvest Value and PARKEN Sport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BankInvest Value and PARKEN Sport
The main advantage of trading using opposite BankInvest Value and PARKEN Sport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BankInvest Value 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.| BankInvest Value vs. Novo Nordisk AS | BankInvest Value vs. Nordea Bank Abp | BankInvest Value vs. DSV Panalpina AS | BankInvest Value 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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