Correlation Between Carlsberg and AP Mller
Specify exactly 2 symbols:
By analyzing existing cross correlation between Carlsberg AS and AP Mller , you can compare the effects of market volatilities on Carlsberg and AP Mller 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 AP Mller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carlsberg and AP Mller.
Diversification Opportunities for Carlsberg and AP Mller
Good diversification
The 3 months correlation between Carlsberg and MAERSK-A is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and AP Mller in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AP Mller 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 AP Mller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AP Mller has no effect on the direction of Carlsberg i.e., Carlsberg and AP Mller go up and down completely randomly.
Pair Corralation between Carlsberg and AP Mller
Assuming the 90 days trading horizon Carlsberg AS is expected to under-perform the AP Mller. But the stock apears to be less risky and, when comparing its historical volatility, Carlsberg AS is 1.5 times less risky than AP Mller. The stock trades about -0.17 of its potential returns per unit of risk. The AP Mller is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,036,000 in AP Mller on October 31, 2024 and sell it today you would lose (24,000) from holding AP Mller or give up 2.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Carlsberg AS vs. AP Mller
Performance |
| Timeline |
| Carlsberg AS |
| AP Mller |
Carlsberg and AP Mller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carlsberg and AP Mller
The main advantage of trading using opposite Carlsberg and AP Mller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carlsberg position performs unexpectedly, AP Mller 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 AP Mller will offset losses from the drop in AP Mller's long position.| Carlsberg vs. AP Mller | Carlsberg vs. ROCKWOOL International AS | Carlsberg vs. Royal Unibrew AS | Carlsberg vs. Tryg AS |
| AP Mller vs. AP Mller | AP Mller vs. DSV Panalpina AS | AP Mller vs. Danske Bank AS | AP Mller vs. FLSmidth Co |
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.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |