Correlation Between Bavarian Nordic and Sparinvest INDEX
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By analyzing existing cross correlation between Bavarian Nordic and Sparinvest INDEX Globale, you can compare the effects of market volatilities on Bavarian Nordic and Sparinvest INDEX 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 Sparinvest INDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bavarian Nordic and Sparinvest INDEX.
Diversification Opportunities for Bavarian Nordic and Sparinvest INDEX
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Bavarian and Sparinvest is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Bavarian Nordic and Sparinvest INDEX Globale in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sparinvest INDEX Globale 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 Sparinvest INDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sparinvest INDEX Globale has no effect on the direction of Bavarian Nordic i.e., Bavarian Nordic and Sparinvest INDEX go up and down completely randomly.
Pair Corralation between Bavarian Nordic and Sparinvest INDEX
Assuming the 90 days trading horizon Bavarian Nordic is expected to under-perform the Sparinvest INDEX. In addition to that, Bavarian Nordic is 3.66 times more volatile than Sparinvest INDEX Globale. It trades about -0.01 of its total potential returns per unit of risk. Sparinvest INDEX Globale is currently generating about 0.24 per unit of volatility. If you would invest 15,062 in Sparinvest INDEX Globale on November 4, 2024 and sell it today you would earn a total of 440.00 from holding Sparinvest INDEX Globale or generate 2.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bavarian Nordic vs. Sparinvest INDEX Globale
Performance |
| Timeline |
| Bavarian Nordic |
| Sparinvest INDEX Globale |
Bavarian Nordic and Sparinvest INDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bavarian Nordic and Sparinvest INDEX
The main advantage of trading using opposite Bavarian Nordic and Sparinvest INDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bavarian Nordic position performs unexpectedly, Sparinvest INDEX 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 Sparinvest INDEX will offset losses from the drop in Sparinvest INDEX'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 |
| Sparinvest INDEX vs. Sparinvest INDEX Europa | Sparinvest INDEX vs. Sparinvest INDEX Hj | Sparinvest INDEX vs. Sparinvest SICAV Procedo | Sparinvest INDEX vs. Sparinvest Mellemlange |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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