Correlation Between Dalata Hotel and KLP AksjeGlobal
Specify exactly 2 symbols:
By analyzing existing cross correlation between Dalata Hotel Group and KLP AksjeGlobal Flerfaktor, you can compare the effects of market volatilities on Dalata Hotel and KLP AksjeGlobal 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 Dalata Hotel with a short position of KLP AksjeGlobal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dalata Hotel and KLP AksjeGlobal.
Diversification Opportunities for Dalata Hotel and KLP AksjeGlobal
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dalata and KLP is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Dalata Hotel Group and KLP AksjeGlobal Flerfaktor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KLP AksjeGlobal Fler and Dalata Hotel 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 Dalata Hotel Group are associated (or correlated) with KLP AksjeGlobal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KLP AksjeGlobal Fler has no effect on the direction of Dalata Hotel i.e., Dalata Hotel and KLP AksjeGlobal go up and down completely randomly.
Pair Corralation between Dalata Hotel and KLP AksjeGlobal
Assuming the 90 days trading horizon Dalata Hotel is expected to generate 4.36 times less return on investment than KLP AksjeGlobal. In addition to that, Dalata Hotel is 3.01 times more volatile than KLP AksjeGlobal Flerfaktor. It trades about 0.01 of its total potential returns per unit of risk. KLP AksjeGlobal Flerfaktor is currently generating about 0.13 per unit of volatility. If you would invest 186,795 in KLP AksjeGlobal Flerfaktor on September 2, 2024 and sell it today you would earn a total of 52,208 from holding KLP AksjeGlobal Flerfaktor or generate 27.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.47% |
| Values | Daily Returns |
Dalata Hotel Group vs. KLP AksjeGlobal Flerfaktor
Performance |
| Timeline |
| Dalata Hotel Group |
| KLP AksjeGlobal Fler |
Dalata Hotel and KLP AksjeGlobal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dalata Hotel and KLP AksjeGlobal
The main advantage of trading using opposite Dalata Hotel and KLP AksjeGlobal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dalata Hotel position performs unexpectedly, KLP AksjeGlobal 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 KLP AksjeGlobal will offset losses from the drop in KLP AksjeGlobal's long position.| Dalata Hotel vs. AIB Group PLC | Dalata Hotel vs. Bank of Ireland | Dalata Hotel vs. Kingspan Group plc | Dalata Hotel vs. Irish Residential Properties |
| KLP AksjeGlobal vs. Storebrand Global Solutions | KLP AksjeGlobal vs. DNB Global Indeks | KLP AksjeGlobal vs. KLP AksjeNorge Indeks | KLP AksjeGlobal vs. Nordea 1 |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |