Correlation Between Genmab AS and Nordea Invest
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By analyzing existing cross correlation between Genmab AS and Nordea Invest Basis, you can compare the effects of market volatilities on Genmab AS and Nordea Invest 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 Nordea Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genmab AS and Nordea Invest.
Diversification Opportunities for Genmab AS and Nordea Invest
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genmab and Nordea is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Genmab AS and Nordea Invest Basis in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Basis 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 Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Basis has no effect on the direction of Genmab AS i.e., Genmab AS and Nordea Invest go up and down completely randomly.
Pair Corralation between Genmab AS and Nordea Invest
Assuming the 90 days trading horizon Genmab AS is expected to under-perform the Nordea Invest. In addition to that, Genmab AS is 3.77 times more volatile than Nordea Invest Basis. It trades about -0.07 of its total potential returns per unit of risk. Nordea Invest Basis is currently generating about 0.18 per unit of volatility. If you would invest 17,345 in Nordea Invest Basis on September 19, 2024 and sell it today you would earn a total of 270.00 from holding Nordea Invest Basis or generate 1.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Genmab AS vs. Nordea Invest Basis
Performance |
| Timeline |
| Genmab AS |
| Nordea Invest Basis |
Genmab AS and Nordea Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genmab AS and Nordea Invest
The main advantage of trading using opposite Genmab AS and Nordea Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genmab AS position performs unexpectedly, Nordea Invest 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 Nordea Invest will offset losses from the drop in Nordea Invest'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 |
| Nordea Invest vs. Lollands Bank | Nordea Invest vs. Hvidbjerg Bank | Nordea Invest vs. PARKEN Sport Entertainment | Nordea Invest vs. Sydbank 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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