Correlation Between Bavarian Nordic and PF Atlantic
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By analyzing existing cross correlation between Bavarian Nordic and PF Atlantic Petroleum, you can compare the effects of market volatilities on Bavarian Nordic and PF Atlantic 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 Bavarian Nordic with a short position of PF Atlantic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bavarian Nordic and PF Atlantic.
Diversification Opportunities for Bavarian Nordic and PF Atlantic
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bavarian and ATLA-DKK is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Bavarian Nordic and PF Atlantic Petroleum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PF Atlantic Petroleum and Bavarian Nordic 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 Bavarian Nordic are associated (or correlated) with PF Atlantic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PF Atlantic Petroleum has no effect on the direction of Bavarian Nordic i.e., Bavarian Nordic and PF Atlantic go up and down completely randomly.
Pair Corralation between Bavarian Nordic and PF Atlantic
Assuming the 90 days trading horizon Bavarian Nordic is expected to under-perform the PF Atlantic. But the stock apears to be less risky and, when comparing its historical volatility, Bavarian Nordic is 2.09 times less risky than PF Atlantic. The stock trades about -0.04 of its potential returns per unit of risk. The PF Atlantic Petroleum is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 233.00 in PF Atlantic Petroleum on October 25, 2024 and sell it today you would lose (8.00) from holding PF Atlantic Petroleum or give up 3.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.33% |
| Values | Daily Returns |
Bavarian Nordic vs. PF Atlantic Petroleum
Performance |
| Timeline |
| Bavarian Nordic |
| PF Atlantic Petroleum |
Bavarian Nordic and PF Atlantic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bavarian Nordic and PF Atlantic
The main advantage of trading using opposite Bavarian Nordic and PF Atlantic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bavarian Nordic position performs unexpectedly, PF Atlantic 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 PF Atlantic will offset losses from the drop in PF Atlantic's long position.| Bavarian Nordic vs. Ambu AS | Bavarian Nordic vs. Danske Bank AS | Bavarian Nordic vs. Genmab AS | Bavarian Nordic vs. DSV Panalpina AS |
| PF Atlantic vs. BioPorto | PF Atlantic vs. cBrain AS | PF Atlantic vs. TORM plc | PF Atlantic vs. Zealand Pharma 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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