Correlation Between Coloplast and LUXOR-B
Specify exactly 2 symbols:
By analyzing existing cross correlation between Coloplast AS and Investeringsselskabet Luxor AS, you can compare the effects of market volatilities on Coloplast 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 Coloplast with a short position of LUXOR-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coloplast and LUXOR-B.
Diversification Opportunities for Coloplast and LUXOR-B
Excellent diversification
The 3 months correlation between Coloplast and LUXOR-B is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Coloplast AS and Investeringsselskabet Luxor AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsselskabet and Coloplast 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 Coloplast 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 Coloplast i.e., Coloplast and LUXOR-B go up and down completely randomly.
Pair Corralation between Coloplast and LUXOR-B
Assuming the 90 days trading horizon Coloplast AS is expected to generate 0.92 times more return on investment than LUXOR-B. However, Coloplast AS is 1.09 times less risky than LUXOR-B. It trades about 0.0 of its potential returns per unit of risk. Investeringsselskabet Luxor AS is currently generating about -0.07 per unit of risk. If you would invest 89,700 in Coloplast AS on August 29, 2024 and sell it today you would lose (280.00) from holding Coloplast AS or give up 0.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Coloplast AS vs. Investeringsselskabet Luxor AS
Performance |
| Timeline |
| Coloplast AS |
| Investeringsselskabet |
Coloplast and LUXOR-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coloplast and LUXOR-B
The main advantage of trading using opposite Coloplast and LUXOR-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coloplast 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.| Coloplast vs. DSV Panalpina AS | Coloplast vs. GN Store Nord | Coloplast vs. Ambu AS | Coloplast vs. Bavarian Nordic |
| 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges |