Correlation Between Genmab AS and LUXOR-B
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By analyzing existing cross correlation between Genmab AS and Investeringsselskabet Luxor AS, you can compare the effects of market volatilities on Genmab AS and LUXOR-B 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 Genmab AS with a short position of LUXOR-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genmab AS and LUXOR-B.
Diversification Opportunities for Genmab AS and LUXOR-B
Very good diversification
The 3 months correlation between Genmab and LUXOR-B is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Genmab AS and Investeringsselskabet Luxor AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsselskabet and Genmab AS 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 Genmab AS are associated (or correlated) with LUXOR-B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Investeringsselskabet has no effect on the direction of Genmab AS i.e., Genmab AS and LUXOR-B go up and down completely randomly.
Pair Corralation between Genmab AS and LUXOR-B
Assuming the 90 days trading horizon Genmab AS is expected to under-perform the LUXOR-B. But the stock apears to be less risky and, when comparing its historical volatility, Genmab AS is 1.12 times less risky than LUXOR-B. The stock trades about -0.08 of its potential returns per unit of risk. The Investeringsselskabet Luxor AS is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 58,000 in Investeringsselskabet Luxor AS on September 3, 2024 and sell it today you would lose (2,500) from holding Investeringsselskabet Luxor AS or give up 4.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Genmab AS vs. Investeringsselskabet Luxor AS
Performance |
| Timeline |
| Genmab AS |
| Investeringsselskabet |
Genmab AS and LUXOR-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genmab AS and LUXOR-B
The main advantage of trading using opposite Genmab AS and LUXOR-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genmab AS position performs unexpectedly, LUXOR-B 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 LUXOR-B will offset losses from the drop in LUXOR-B's long position.| Genmab AS vs. Ambu AS | Genmab AS vs. DSV Panalpina AS | Genmab AS vs. Bavarian Nordic | Genmab AS vs. GN Store Nord |
| LUXOR-B vs. Skjern Bank AS | LUXOR-B vs. Groenlandsbanken AS | LUXOR-B vs. Fynske Bank AS | LUXOR-B vs. Lollands Bank |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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