Correlation Between Danske Invest and SKAKO AS
Specify exactly 2 symbols:
By analyzing existing cross correlation between Danske Invest Euro and SKAKO AS, you can compare the effects of market volatilities on Danske Invest and SKAKO AS 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 Danske Invest with a short position of SKAKO AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Danske Invest and SKAKO AS.
Diversification Opportunities for Danske Invest and SKAKO AS
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Danske and SKAKO is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Danske Invest Euro and SKAKO AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SKAKO AS and Danske Invest 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 Danske Invest Euro are associated (or correlated) with SKAKO AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SKAKO AS has no effect on the direction of Danske Invest i.e., Danske Invest and SKAKO AS go up and down completely randomly.
Pair Corralation between Danske Invest and SKAKO AS
Assuming the 90 days trading horizon Danske Invest Euro is expected to generate 0.08 times more return on investment than SKAKO AS. However, Danske Invest Euro is 13.31 times less risky than SKAKO AS. It trades about 0.24 of its potential returns per unit of risk. SKAKO AS is currently generating about 0.01 per unit of risk. If you would invest 9,571 in Danske Invest Euro on September 3, 2024 and sell it today you would earn a total of 435.00 from holding Danske Invest Euro or generate 4.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Danske Invest Euro vs. SKAKO AS
Performance |
| Timeline |
| Danske Invest Euro |
| SKAKO AS |
Danske Invest and SKAKO AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Danske Invest and SKAKO AS
The main advantage of trading using opposite Danske Invest and SKAKO AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Danske Invest position performs unexpectedly, SKAKO AS 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 SKAKO AS will offset losses from the drop in SKAKO AS's long position.| Danske Invest vs. Formuepleje Mix Medium | Danske Invest vs. Nordinvestments AS | Danske Invest vs. Ringkjoebing Landbobank AS | Danske Invest vs. Nordfyns Bank 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |