Correlation Between Dampskibsselskabet and PF BankNordik
Specify exactly 2 symbols:
By analyzing existing cross correlation between Dampskibsselskabet Norden AS and PF BankNordik, you can compare the effects of market volatilities on Dampskibsselskabet and PF BankNordik 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 Dampskibsselskabet with a short position of PF BankNordik. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dampskibsselskabet and PF BankNordik.
Diversification Opportunities for Dampskibsselskabet and PF BankNordik
-0.9 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Dampskibsselskabet and BNORDIK-CSE is -0.9. Overlapping area represents the amount of risk that can be diversified away by holding Dampskibsselskabet Norden AS and PF BankNordik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PF BankNordik and Dampskibsselskabet 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 Dampskibsselskabet Norden AS are associated (or correlated) with PF BankNordik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PF BankNordik has no effect on the direction of Dampskibsselskabet i.e., Dampskibsselskabet and PF BankNordik go up and down completely randomly.
Pair Corralation between Dampskibsselskabet and PF BankNordik
Assuming the 90 days trading horizon Dampskibsselskabet Norden AS is expected to under-perform the PF BankNordik. In addition to that, Dampskibsselskabet is 2.68 times more volatile than PF BankNordik. It trades about -0.16 of its total potential returns per unit of risk. PF BankNordik is currently generating about 0.1 per unit of volatility. If you would invest 15,100 in PF BankNordik on August 30, 2024 and sell it today you would earn a total of 1,300 from holding PF BankNordik or generate 8.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 92.97% |
| Values | Daily Returns |
Dampskibsselskabet Norden AS vs. PF BankNordik
Performance |
| Timeline |
| Dampskibsselskabet |
| PF BankNordik |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Dampskibsselskabet and PF BankNordik Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dampskibsselskabet and PF BankNordik
The main advantage of trading using opposite Dampskibsselskabet and PF BankNordik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dampskibsselskabet position performs unexpectedly, PF BankNordik 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 PF BankNordik will offset losses from the drop in PF BankNordik's long position.| Dampskibsselskabet vs. GN Store Nord | Dampskibsselskabet vs. DSV Panalpina AS | Dampskibsselskabet vs. ISS AS | Dampskibsselskabet vs. Ambu AS |
| PF BankNordik vs. Spar Nord Bank | PF BankNordik vs. Sydbank AS | PF BankNordik vs. Jyske Bank AS | PF BankNordik vs. Dampskibsselskabet Norden 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |