Correlation Between Carlsberg and Accunia Inv
Can any of the company-specific risk be diversified away by investing in both Carlsberg and Accunia Inv at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Carlsberg and Accunia Inv into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Carlsberg AS and Accunia Inv European, you can compare the effects of market volatilities on Carlsberg and Accunia Inv 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 Accunia Inv. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carlsberg and Accunia Inv.
Diversification Opportunities for Carlsberg and Accunia Inv
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Carlsberg and Accunia is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Carlsberg AS and Accunia Inv European in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accunia Inv European 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 Accunia Inv. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accunia Inv European has no effect on the direction of Carlsberg i.e., Carlsberg and Accunia Inv go up and down completely randomly.
Pair Corralation between Carlsberg and Accunia Inv
Assuming the 90 days trading horizon Carlsberg AS is expected to under-perform the Accunia Inv. In addition to that, Carlsberg is 5.93 times more volatile than Accunia Inv European. It trades about -0.07 of its total potential returns per unit of risk. Accunia Inv European is currently generating about 0.05 per unit of volatility. If you would invest 101,610 in Accunia Inv European on September 3, 2024 and sell it today you would earn a total of 250.00 from holding Accunia Inv European or generate 0.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Carlsberg AS vs. Accunia Inv European
Performance |
| Timeline |
| Carlsberg AS |
| Accunia Inv European |
Carlsberg and Accunia Inv Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carlsberg and Accunia Inv
The main advantage of trading using opposite Carlsberg and Accunia Inv positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carlsberg position performs unexpectedly, Accunia Inv 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 Accunia Inv will offset losses from the drop in Accunia Inv's long position.| Carlsberg vs. Hvidbjerg Bank | Carlsberg vs. Moens Bank AS | Carlsberg vs. Embla Medical hf | Carlsberg vs. Spar Nord Bank |
| Accunia Inv vs. PARKEN Sport Entertainment | Accunia Inv vs. Alefarm Brewing AS | Accunia Inv vs. Formuepleje Mix Medium | Accunia Inv vs. BankIn Bredygt Klimaakt |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |