Correlation Between Bavarian Nordic and LUXOR-B
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By analyzing existing cross correlation between Bavarian Nordic and Investeringsselskabet Luxor AS, you can compare the effects of market volatilities on Bavarian Nordic and LUXOR-B 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 LUXOR-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bavarian Nordic and LUXOR-B.
Diversification Opportunities for Bavarian Nordic and LUXOR-B
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bavarian and LUXOR-B is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Bavarian Nordic and Investeringsselskabet Luxor AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsselskabet 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 LUXOR-B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Investeringsselskabet has no effect on the direction of Bavarian Nordic i.e., Bavarian Nordic and LUXOR-B go up and down completely randomly.
Pair Corralation between Bavarian Nordic and LUXOR-B
Assuming the 90 days trading horizon Bavarian Nordic is expected to generate 0.73 times more return on investment than LUXOR-B. However, Bavarian Nordic is 1.38 times less risky than LUXOR-B. It trades about -0.01 of its potential returns per unit of risk. Investeringsselskabet Luxor AS is currently generating about -0.17 per unit of risk. If you would invest 19,965 in Bavarian Nordic on November 4, 2024 and sell it today you would lose (210.00) from holding Bavarian Nordic or give up 1.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bavarian Nordic vs. Investeringsselskabet Luxor AS
Performance |
| Timeline |
| Bavarian Nordic |
| Investeringsselskabet |
Bavarian Nordic and LUXOR-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bavarian Nordic and LUXOR-B
The main advantage of trading using opposite Bavarian Nordic and LUXOR-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bavarian Nordic position performs unexpectedly, LUXOR-B 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 LUXOR-B will offset losses from the drop in LUXOR-B'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 |
| LUXOR-B vs. Skjern Bank AS | LUXOR-B vs. Groenlandsbanken AS | LUXOR-B vs. Fynske Bank AS | LUXOR-B vs. Lollands Bank |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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