Correlation Between Dampskibsselskabet and AP Mller
Specify exactly 2 symbols:
By analyzing existing cross correlation between Dampskibsselskabet Norden AS and AP Mller , you can compare the effects of market volatilities on Dampskibsselskabet and AP Mller 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 AP Mller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dampskibsselskabet and AP Mller.
Diversification Opportunities for Dampskibsselskabet and AP Mller
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Dampskibsselskabet and MAERSK-B is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Dampskibsselskabet Norden AS and AP Mller in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AP Mller 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 AP Mller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AP Mller has no effect on the direction of Dampskibsselskabet i.e., Dampskibsselskabet and AP Mller go up and down completely randomly.
Pair Corralation between Dampskibsselskabet and AP Mller
Assuming the 90 days trading horizon Dampskibsselskabet Norden AS is expected to under-perform the AP Mller. But the stock apears to be less risky and, when comparing its historical volatility, Dampskibsselskabet Norden AS is 1.45 times less risky than AP Mller. The stock trades about -0.16 of its potential returns per unit of risk. The AP Mller is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 1,001,500 in AP Mller on August 31, 2024 and sell it today you would earn a total of 171,000 from holding AP Mller or generate 17.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dampskibsselskabet Norden AS vs. AP Mller
Performance |
| Timeline |
| Dampskibsselskabet |
| AP Mller |
Dampskibsselskabet and AP Mller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dampskibsselskabet and AP Mller
The main advantage of trading using opposite Dampskibsselskabet and AP Mller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dampskibsselskabet position performs unexpectedly, AP Mller 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 AP Mller will offset losses from the drop in AP Mller's long position.| Dampskibsselskabet vs. FLSmidth Co | Dampskibsselskabet vs. NKT AS | Dampskibsselskabet vs. GN Store Nord | Dampskibsselskabet vs. ROCKWOOL International AS |
| AP Mller vs. Danske Bank AS | AP Mller vs. DSV Panalpina AS | AP Mller vs. AP Mller | AP Mller vs. Vestas Wind Systems |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| 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 | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |