Correlation Between Danske Invest and Skjern Bank
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By analyzing existing cross correlation between Danske Invest and Skjern Bank AS, you can compare the effects of market volatilities on Danske Invest and Skjern Bank 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 Skjern Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Danske Invest and Skjern Bank.
Diversification Opportunities for Danske Invest and Skjern Bank
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Danske and Skjern is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Danske Invest and Skjern Bank AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Skjern Bank 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 are associated (or correlated) with Skjern Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Skjern Bank AS has no effect on the direction of Danske Invest i.e., Danske Invest and Skjern Bank go up and down completely randomly.
Pair Corralation between Danske Invest and Skjern Bank
Assuming the 90 days trading horizon Danske Invest is expected to generate 0.14 times more return on investment than Skjern Bank. However, Danske Invest is 7.21 times less risky than Skjern Bank. It trades about 0.09 of its potential returns per unit of risk. Skjern Bank AS is currently generating about -0.3 per unit of risk. If you would invest 8,721 in Danske Invest on August 29, 2024 and sell it today you would earn a total of 28.00 from holding Danske Invest or generate 0.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Danske Invest vs. Skjern Bank AS
Performance |
| Timeline |
| Danske Invest |
| Skjern Bank AS |
Danske Invest and Skjern Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Danske Invest and Skjern Bank
The main advantage of trading using opposite Danske Invest and Skjern Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Danske Invest position performs unexpectedly, Skjern Bank 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 Skjern Bank will offset losses from the drop in Skjern Bank's long position.| Danske Invest vs. Novo Nordisk AS | Danske Invest vs. Nordea Bank Abp | Danske Invest vs. DSV Panalpina AS | Danske Invest vs. AP Mller |
| Skjern Bank vs. Sydbank AS | Skjern Bank vs. Jyske Bank AS | Skjern Bank vs. Alm Brand | Skjern Bank vs. Nordea Bank Abp |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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