Correlation Between Concorde Gaming and Hafnia
Can any of the company-specific risk be diversified away by investing in both Concorde Gaming and Hafnia 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 Concorde Gaming and Hafnia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concorde Gaming and Hafnia Limited, you can compare the effects of market volatilities on Concorde Gaming and Hafnia 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 Concorde Gaming with a short position of Hafnia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concorde Gaming and Hafnia.
Diversification Opportunities for Concorde Gaming and Hafnia
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Concorde and Hafnia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Concorde Gaming and Hafnia Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hafnia Limited and Concorde Gaming 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 Concorde Gaming are associated (or correlated) with Hafnia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hafnia Limited has no effect on the direction of Concorde Gaming i.e., Concorde Gaming and Hafnia go up and down completely randomly.
Pair Corralation between Concorde Gaming and Hafnia
If you would invest 483.00 in Hafnia Limited on September 13, 2024 and sell it today you would earn a total of 61.00 from holding Hafnia Limited or generate 12.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Concorde Gaming vs. Hafnia Limited
Performance |
| Timeline |
| Concorde Gaming |
| Hafnia Limited |
Concorde Gaming and Hafnia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concorde Gaming and Hafnia
The main advantage of trading using opposite Concorde Gaming and Hafnia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concorde Gaming position performs unexpectedly, Hafnia 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 Hafnia will offset losses from the drop in Hafnia's long position.| Concorde Gaming vs. Diageo PLC ADR | Concorde Gaming vs. Oatly Group AB | Concorde Gaming vs. CVW CleanTech | Concorde Gaming vs. China Clean Energy |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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