Correlation Between Coloplast and Nordea Invest
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By analyzing existing cross correlation between Coloplast AS and Nordea Invest Global, you can compare the effects of market volatilities on Coloplast and Nordea Invest 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 Nordea Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coloplast and Nordea Invest.
Diversification Opportunities for Coloplast and Nordea Invest
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Coloplast and Nordea is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Coloplast AS and Nordea Invest Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Global 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 Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Global has no effect on the direction of Coloplast i.e., Coloplast and Nordea Invest go up and down completely randomly.
Pair Corralation between Coloplast and Nordea Invest
Assuming the 90 days trading horizon Coloplast AS is expected to under-perform the Nordea Invest. In addition to that, Coloplast is 1.3 times more volatile than Nordea Invest Global. It trades about -0.27 of its total potential returns per unit of risk. Nordea Invest Global is currently generating about 0.11 per unit of volatility. If you would invest 4,396 in Nordea Invest Global on September 19, 2024 and sell it today you would earn a total of 78.00 from holding Nordea Invest Global or generate 1.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Coloplast AS vs. Nordea Invest Global
Performance |
| Timeline |
| Coloplast AS |
| Nordea Invest Global |
Coloplast and Nordea Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coloplast and Nordea Invest
The main advantage of trading using opposite Coloplast and Nordea Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coloplast position performs unexpectedly, Nordea Invest 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 Nordea Invest will offset losses from the drop in Nordea Invest's long position.| Coloplast vs. GN Store Nord | Coloplast vs. Ambu AS | Coloplast vs. ISS AS | Coloplast vs. ROCKWOOL International AS |
| Nordea Invest vs. Scandinavian Medical Solutions | Nordea Invest vs. Cessatech AS | Nordea Invest vs. Ringkjoebing Landbobank AS | Nordea Invest vs. PARKEN Sport Entertainment |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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