Correlation Between Carlsberg and PF BankNordik
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By analyzing existing cross correlation between Carlsberg AS and PF BankNordik, you can compare the effects of market volatilities on Carlsberg and PF BankNordik 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 Carlsberg with a short position of PF BankNordik. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carlsberg and PF BankNordik.
Diversification Opportunities for Carlsberg and PF BankNordik
-0.86 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Carlsberg and BNORDIK-CSE is -0.86. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and PF BankNordik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PF BankNordik and Carlsberg 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 Carlsberg AS are associated (or correlated) with PF BankNordik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PF BankNordik has no effect on the direction of Carlsberg i.e., Carlsberg and PF BankNordik go up and down completely randomly.
Pair Corralation between Carlsberg and PF BankNordik
Assuming the 90 days trading horizon Carlsberg AS is expected to under-perform the PF BankNordik. In addition to that, Carlsberg is 2.81 times more volatile than PF BankNordik. It trades about -0.08 of its total potential returns per unit of risk. PF BankNordik is currently generating about 0.1 per unit of volatility. If you would invest 15,100 in PF BankNordik on August 30, 2024 and sell it today you would earn a total of 1,300 from holding PF BankNordik or generate 8.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 92.97% |
| Values | Daily Returns |
Carlsberg AS vs. PF BankNordik
Performance |
| Timeline |
| Carlsberg AS |
| PF BankNordik |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Carlsberg and PF BankNordik Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carlsberg and PF BankNordik
The main advantage of trading using opposite Carlsberg and PF BankNordik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carlsberg position performs unexpectedly, PF BankNordik 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 PF BankNordik will offset losses from the drop in PF BankNordik's long position.| Carlsberg vs. AP Mller | Carlsberg vs. ROCKWOOL International AS | Carlsberg vs. Royal Unibrew AS | Carlsberg vs. Tryg AS |
| PF BankNordik vs. Spar Nord Bank | PF BankNordik vs. Sydbank AS | PF BankNordik vs. Jyske Bank AS | PF BankNordik vs. Dampskibsselskabet Norden 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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