Correlation Between Capri Holdings and Nordea 1
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By analyzing existing cross correlation between Capri Holdings and Nordea 1 , you can compare the effects of market volatilities on Capri Holdings and Nordea 1 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 Capri Holdings with a short position of Nordea 1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Capri Holdings and Nordea 1.
Diversification Opportunities for Capri Holdings and Nordea 1
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Capri and Nordea is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Capri Holdings and Nordea 1 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea 1 and Capri Holdings 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 Capri Holdings are associated (or correlated) with Nordea 1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea 1 has no effect on the direction of Capri Holdings i.e., Capri Holdings and Nordea 1 go up and down completely randomly.
Pair Corralation between Capri Holdings and Nordea 1
Given the investment horizon of 90 days Capri Holdings is expected to generate 5.53 times more return on investment than Nordea 1. However, Capri Holdings is 5.53 times more volatile than Nordea 1 . It trades about 0.19 of its potential returns per unit of risk. Nordea 1 is currently generating about -0.15 per unit of risk. If you would invest 2,048 in Capri Holdings on August 30, 2024 and sell it today you would earn a total of 304.00 from holding Capri Holdings or generate 14.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Capri Holdings vs. Nordea 1
Performance |
| Timeline |
| Capri Holdings |
| Nordea 1 |
Capri Holdings and Nordea 1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Capri Holdings and Nordea 1
The main advantage of trading using opposite Capri Holdings and Nordea 1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Capri Holdings position performs unexpectedly, Nordea 1 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 1 will offset losses from the drop in Nordea 1's long position.| Capri Holdings vs. Movado Group | Capri Holdings vs. Signet Jewelers | Capri Holdings vs. Lanvin Group Holdings | Capri Holdings vs. TheRealReal |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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