Correlation Between Bank of Ireland and KLP Aksje
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By analyzing existing cross correlation between Bank of Ireland and KLP Aksje Fremvoksende, you can compare the effects of market volatilities on Bank of Ireland and KLP Aksje 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 Bank of Ireland with a short position of KLP Aksje. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of Ireland and KLP Aksje.
Diversification Opportunities for Bank of Ireland and KLP Aksje
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and KLP is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Bank of Ireland and KLP Aksje Fremvoksende in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KLP Aksje Fremvoksende and Bank of Ireland 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 Bank of Ireland are associated (or correlated) with KLP Aksje. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KLP Aksje Fremvoksende has no effect on the direction of Bank of Ireland i.e., Bank of Ireland and KLP Aksje go up and down completely randomly.
Pair Corralation between Bank of Ireland and KLP Aksje
Assuming the 90 days trading horizon Bank of Ireland is expected to under-perform the KLP Aksje. In addition to that, Bank of Ireland is 2.89 times more volatile than KLP Aksje Fremvoksende. It trades about -0.24 of its total potential returns per unit of risk. KLP Aksje Fremvoksende is currently generating about -0.03 per unit of volatility. If you would invest 177,805 in KLP Aksje Fremvoksende on August 28, 2024 and sell it today you would lose (1,699) from holding KLP Aksje Fremvoksende or give up 0.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Bank of Ireland vs. KLP Aksje Fremvoksende
Performance |
| Timeline |
| Bank of Ireland |
| KLP Aksje Fremvoksende |
Bank of Ireland and KLP Aksje Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of Ireland and KLP Aksje
The main advantage of trading using opposite Bank of Ireland and KLP Aksje positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of Ireland position performs unexpectedly, KLP Aksje 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 KLP Aksje will offset losses from the drop in KLP Aksje's long position.| Bank of Ireland vs. AIB Group PLC | Bank of Ireland vs. Kingspan Group plc | Bank of Ireland vs. Glanbia PLC | Bank of Ireland vs. Ryanair Holdings plc |
| KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Franklin Floating Rate | KLP Aksje vs. Dalata Hotel Group |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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