Correlation Between Copenhagen Capital and Scandinavian Investment
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By analyzing existing cross correlation between Copenhagen Capital AS and Scandinavian Investment Group, you can compare the effects of market volatilities on Copenhagen Capital and Scandinavian Investment 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 Scandinavian Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copenhagen Capital and Scandinavian Investment.
Diversification Opportunities for Copenhagen Capital and Scandinavian Investment
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Copenhagen and Scandinavian is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Copenhagen Capital AS and Scandinavian Investment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scandinavian Investment 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 Scandinavian Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scandinavian Investment has no effect on the direction of Copenhagen Capital i.e., Copenhagen Capital and Scandinavian Investment go up and down completely randomly.
Pair Corralation between Copenhagen Capital and Scandinavian Investment
Assuming the 90 days trading horizon Copenhagen Capital AS is expected to under-perform the Scandinavian Investment. But the stock apears to be less risky and, when comparing its historical volatility, Copenhagen Capital AS is 1.08 times less risky than Scandinavian Investment. The stock trades about -0.03 of its potential returns per unit of risk. The Scandinavian Investment Group is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 322.00 in Scandinavian Investment Group on August 28, 2024 and sell it today you would earn a total of 16.00 from holding Scandinavian Investment Group or generate 4.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Copenhagen Capital AS vs. Scandinavian Investment Group
Performance |
| Timeline |
| Copenhagen Capital |
| Scandinavian Investment |
Copenhagen Capital and Scandinavian Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Copenhagen Capital and Scandinavian Investment
The main advantage of trading using opposite Copenhagen Capital and Scandinavian Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copenhagen Capital position performs unexpectedly, Scandinavian Investment 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 Scandinavian Investment will offset losses from the drop in Scandinavian Investment's long position.| Copenhagen Capital vs. SKAKO AS | Copenhagen Capital vs. Agat Ejendomme AS | Copenhagen Capital vs. Prime Office AS | Copenhagen Capital vs. Cemat AS |
| Scandinavian Investment vs. North Media AS | Scandinavian Investment vs. Rovsing AS | Scandinavian Investment vs. Alm Brand | Scandinavian Investment vs. SKAKO 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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