Correlation Between Bavarian Nordic and Nordea Invest
Specify exactly 2 symbols:
By analyzing existing cross correlation between Bavarian Nordic and Nordea Invest Global, you can compare the effects of market volatilities on Bavarian Nordic and Nordea Invest 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 Nordea Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bavarian Nordic and Nordea Invest.
Diversification Opportunities for Bavarian Nordic and Nordea Invest
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bavarian and Nordea is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Bavarian Nordic and Nordea Invest Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Global 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 Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Global has no effect on the direction of Bavarian Nordic i.e., Bavarian Nordic and Nordea Invest go up and down completely randomly.
Pair Corralation between Bavarian Nordic and Nordea Invest
Assuming the 90 days trading horizon Bavarian Nordic is expected to under-perform the Nordea Invest. In addition to that, Bavarian Nordic is 2.99 times more volatile than Nordea Invest Global. It trades about -0.04 of its total potential returns per unit of risk. Nordea Invest Global is currently generating about 0.08 per unit of volatility. If you would invest 4,329 in Nordea Invest Global on October 25, 2024 and sell it today you would earn a total of 195.00 from holding Nordea Invest Global or generate 4.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 88.33% |
| Values | Daily Returns |
Bavarian Nordic vs. Nordea Invest Global
Performance |
| Timeline |
| Bavarian Nordic |
| Nordea Invest Global |
Bavarian Nordic and Nordea Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bavarian Nordic and Nordea Invest
The main advantage of trading using opposite Bavarian Nordic and Nordea Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bavarian Nordic position performs unexpectedly, Nordea Invest 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 Nordea Invest will offset losses from the drop in Nordea Invest'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 |
| Nordea Invest vs. Danske Andelskassers Bank | Nordea Invest vs. Carnegie Wealth Management | Nordea Invest vs. Hvidbjerg Bank | Nordea Invest vs. PARKEN Sport Entertainment |
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.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |