Correlation Between PF BankNordik and North Media
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By analyzing existing cross correlation between PF BankNordik and North Media AS, you can compare the effects of market volatilities on PF BankNordik and North Media 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 PF BankNordik with a short position of North Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of PF BankNordik and North Media.
Diversification Opportunities for PF BankNordik and North Media
-0.9 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BNORDIK-CSE and North is -0.9. Overlapping area represents the amount of risk that can be diversified away by holding PF BankNordik and North Media AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on North Media AS and PF BankNordik 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 PF BankNordik are associated (or correlated) with North Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of North Media AS has no effect on the direction of PF BankNordik i.e., PF BankNordik and North Media go up and down completely randomly.
Pair Corralation between PF BankNordik and North Media
Assuming the 90 days trading horizon PF BankNordik is expected to generate 0.69 times more return on investment than North Media. However, PF BankNordik is 1.44 times less risky than North Media. It trades about -0.05 of its potential returns per unit of risk. North Media AS is currently generating about -0.29 per unit of risk. If you would invest 16,500 in PF BankNordik on August 30, 2024 and sell it today you would lose (100.00) from holding PF BankNordik or give up 0.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 60.87% |
| Values | Daily Returns |
PF BankNordik vs. North Media AS
Performance |
| Timeline |
| PF BankNordik |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| North Media AS |
PF BankNordik and North Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PF BankNordik and North Media
The main advantage of trading using opposite PF BankNordik and North Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PF BankNordik position performs unexpectedly, North Media 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 North Media will offset losses from the drop in North Media's long position.| PF BankNordik vs. Spar Nord Bank | PF BankNordik vs. Sydbank AS | PF BankNordik vs. Jyske Bank AS | PF BankNordik vs. Dampskibsselskabet Norden AS |
| North Media vs. Matas AS | North Media vs. cBrain AS | North Media vs. Alm Brand | North Media vs. Netcompany Group 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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