Correlation Between Carlsberg and LUXOR-B
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By analyzing existing cross correlation between Carlsberg AS and Investeringsselskabet Luxor AS, you can compare the effects of market volatilities on Carlsberg and LUXOR-B 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 LUXOR-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carlsberg and LUXOR-B.
Diversification Opportunities for Carlsberg and LUXOR-B
Very good diversification
The 3 months correlation between Carlsberg and LUXOR-B is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and Investeringsselskabet Luxor AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsselskabet 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 LUXOR-B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Investeringsselskabet has no effect on the direction of Carlsberg i.e., Carlsberg and LUXOR-B go up and down completely randomly.
Pair Corralation between Carlsberg and LUXOR-B
Assuming the 90 days trading horizon Carlsberg AS is expected to generate 0.55 times more return on investment than LUXOR-B. However, Carlsberg AS is 1.82 times less risky than LUXOR-B. It trades about 0.15 of its potential returns per unit of risk. Investeringsselskabet Luxor AS is currently generating about -0.22 per unit of risk. If you would invest 85,400 in Carlsberg AS on November 5, 2024 and sell it today you would earn a total of 3,800 from holding Carlsberg AS or generate 4.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Carlsberg AS vs. Investeringsselskabet Luxor AS
Performance |
| Timeline |
| Carlsberg AS |
| Investeringsselskabet |
Carlsberg and LUXOR-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carlsberg and LUXOR-B
The main advantage of trading using opposite Carlsberg and LUXOR-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carlsberg position performs unexpectedly, LUXOR-B 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 LUXOR-B will offset losses from the drop in LUXOR-B's long position.| Carlsberg vs. AP Mller | Carlsberg vs. ROCKWOOL International AS | Carlsberg vs. Royal Unibrew AS | Carlsberg vs. Tryg AS |
| LUXOR-B vs. Skjern Bank AS | LUXOR-B vs. Groenlandsbanken AS | LUXOR-B vs. Fynske Bank AS | LUXOR-B vs. Lollands Bank |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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