Correlation Between Groenlandsbanken and Accunia Invest
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By analyzing existing cross correlation between Groenlandsbanken AS and Accunia Invest EUR, you can compare the effects of market volatilities on Groenlandsbanken and Accunia 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 Groenlandsbanken with a short position of Accunia Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Groenlandsbanken and Accunia Invest.
Diversification Opportunities for Groenlandsbanken and Accunia Invest
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Groenlandsbanken and Accunia is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Groenlandsbanken AS and Accunia Invest EUR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accunia Invest EUR and Groenlandsbanken 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 Groenlandsbanken AS are associated (or correlated) with Accunia Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accunia Invest EUR has no effect on the direction of Groenlandsbanken i.e., Groenlandsbanken and Accunia Invest go up and down completely randomly.
Pair Corralation between Groenlandsbanken and Accunia Invest
Assuming the 90 days trading horizon Groenlandsbanken AS is expected to generate 2.78 times more return on investment than Accunia Invest. However, Groenlandsbanken is 2.78 times more volatile than Accunia Invest EUR. It trades about 0.19 of its potential returns per unit of risk. Accunia Invest EUR is currently generating about 0.02 per unit of risk. If you would invest 67,500 in Groenlandsbanken AS on September 1, 2024 and sell it today you would earn a total of 2,500 from holding Groenlandsbanken AS or generate 3.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Groenlandsbanken AS vs. Accunia Invest EUR
Performance |
| Timeline |
| Groenlandsbanken |
| Accunia Invest EUR |
Groenlandsbanken and Accunia Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Groenlandsbanken and Accunia Invest
The main advantage of trading using opposite Groenlandsbanken and Accunia Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Groenlandsbanken position performs unexpectedly, Accunia 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 Accunia Invest will offset losses from the drop in Accunia Invest's long position.| Groenlandsbanken vs. Sydbank AS | Groenlandsbanken vs. Jyske Bank AS | Groenlandsbanken vs. Alm Brand | Groenlandsbanken vs. Nordea Bank Abp |
| Accunia Invest vs. Groenlandsbanken AS | Accunia Invest vs. Cessatech AS | Accunia Invest vs. BankInvest Value Globale | Accunia Invest vs. North Media 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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