Correlation Between Copenhagen Capital and Harboes Bryggeri
Specify exactly 2 symbols:
By analyzing existing cross correlation between Copenhagen Capital AS and Harboes Bryggeri AS, you can compare the effects of market volatilities on Copenhagen Capital and Harboes Bryggeri 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 Copenhagen Capital with a short position of Harboes Bryggeri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copenhagen Capital and Harboes Bryggeri.
Diversification Opportunities for Copenhagen Capital and Harboes Bryggeri
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Copenhagen and Harboes is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Copenhagen Capital AS and Harboes Bryggeri AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harboes Bryggeri and Copenhagen Capital 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 Copenhagen Capital AS are associated (or correlated) with Harboes Bryggeri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harboes Bryggeri has no effect on the direction of Copenhagen Capital i.e., Copenhagen Capital and Harboes Bryggeri go up and down completely randomly.
Pair Corralation between Copenhagen Capital and Harboes Bryggeri
Assuming the 90 days trading horizon Copenhagen Capital AS is expected to under-perform the Harboes Bryggeri. But the stock apears to be less risky and, when comparing its historical volatility, Copenhagen Capital AS is 2.73 times less risky than Harboes Bryggeri. The stock trades about -0.03 of its potential returns per unit of risk. The Harboes Bryggeri AS is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 16,400 in Harboes Bryggeri AS on August 28, 2024 and sell it today you would lose (100.00) from holding Harboes Bryggeri AS or give up 0.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Copenhagen Capital AS vs. Harboes Bryggeri AS
Performance |
| Timeline |
| Copenhagen Capital |
| Harboes Bryggeri |
Copenhagen Capital and Harboes Bryggeri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Copenhagen Capital and Harboes Bryggeri
The main advantage of trading using opposite Copenhagen Capital and Harboes Bryggeri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copenhagen Capital position performs unexpectedly, Harboes Bryggeri 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 Harboes Bryggeri will offset losses from the drop in Harboes Bryggeri's long position.The idea behind Copenhagen Capital AS and Harboes Bryggeri AS pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Harboes Bryggeri vs. Royal Unibrew AS | Harboes Bryggeri vs. Matas AS | Harboes Bryggeri vs. Nnit AS | Harboes Bryggeri vs. DFDS AS |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |