Correlation Between Hugo Boss and NIKKON HOLDINGS
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By analyzing existing cross correlation between Hugo Boss AG and NIKKON HOLDINGS TD, you can compare the effects of market volatilities on Hugo Boss and NIKKON HOLDINGS 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 Hugo Boss with a short position of NIKKON HOLDINGS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and NIKKON HOLDINGS.
Diversification Opportunities for Hugo Boss and NIKKON HOLDINGS
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hugo and NIKKON is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG and NIKKON HOLDINGS TD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NIKKON HOLDINGS TD and Hugo Boss 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 Hugo Boss AG are associated (or correlated) with NIKKON HOLDINGS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIKKON HOLDINGS TD has no effect on the direction of Hugo Boss i.e., Hugo Boss and NIKKON HOLDINGS go up and down completely randomly.
Pair Corralation between Hugo Boss and NIKKON HOLDINGS
Assuming the 90 days trading horizon Hugo Boss AG is expected to under-perform the NIKKON HOLDINGS. In addition to that, Hugo Boss is 1.57 times more volatile than NIKKON HOLDINGS TD. It trades about -0.05 of its total potential returns per unit of risk. NIKKON HOLDINGS TD is currently generating about 0.05 per unit of volatility. If you would invest 975.00 in NIKKON HOLDINGS TD on September 12, 2024 and sell it today you would earn a total of 265.00 from holding NIKKON HOLDINGS TD or generate 27.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.7% |
| Values | Daily Returns |
Hugo Boss AG vs. NIKKON HOLDINGS TD
Performance |
| Timeline |
| Hugo Boss AG |
| NIKKON HOLDINGS TD |
Hugo Boss and NIKKON HOLDINGS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hugo Boss and NIKKON HOLDINGS
The main advantage of trading using opposite Hugo Boss and NIKKON HOLDINGS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss position performs unexpectedly, NIKKON HOLDINGS 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 NIKKON HOLDINGS will offset losses from the drop in NIKKON HOLDINGS's long position.| Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
| NIKKON HOLDINGS vs. NTG Nordic Transport | NIKKON HOLDINGS vs. Superior Plus Corp | NIKKON HOLDINGS vs. SIVERS SEMICONDUCTORS AB | NIKKON HOLDINGS vs. NorAm Drilling 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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