Correlation Between Glenveagh Properties and KLP Aksje
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By analyzing existing cross correlation between Glenveagh Properties PLC and KLP Aksje Fremvoksende, you can compare the effects of market volatilities on Glenveagh Properties and KLP Aksje 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 Glenveagh Properties with a short position of KLP Aksje. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glenveagh Properties and KLP Aksje.
Diversification Opportunities for Glenveagh Properties and KLP Aksje
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Glenveagh and KLP is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Glenveagh Properties PLC and KLP Aksje Fremvoksende in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KLP Aksje Fremvoksende and Glenveagh Properties 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 Glenveagh Properties PLC are associated (or correlated) with KLP Aksje. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KLP Aksje Fremvoksende has no effect on the direction of Glenveagh Properties i.e., Glenveagh Properties and KLP Aksje go up and down completely randomly.
Pair Corralation between Glenveagh Properties and KLP Aksje
Assuming the 90 days trading horizon Glenveagh Properties PLC is expected to under-perform the KLP Aksje. In addition to that, Glenveagh Properties is 1.46 times more volatile than KLP Aksje Fremvoksende. It trades about -0.2 of its total potential returns per unit of risk. KLP Aksje Fremvoksende is currently generating about -0.05 per unit of volatility. If you would invest 179,339 in KLP Aksje Fremvoksende on August 30, 2024 and sell it today you would lose (1,553) from holding KLP Aksje Fremvoksende or give up 0.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Glenveagh Properties PLC vs. KLP Aksje Fremvoksende
Performance |
| Timeline |
| Glenveagh Properties PLC |
| KLP Aksje Fremvoksende |
Glenveagh Properties and KLP Aksje Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glenveagh Properties and KLP Aksje
The main advantage of trading using opposite Glenveagh Properties and KLP Aksje positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glenveagh Properties position performs unexpectedly, KLP Aksje 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 KLP Aksje will offset losses from the drop in KLP Aksje's long position.| Glenveagh Properties vs. Dalata Hotel Group | Glenveagh Properties vs. AIB Group PLC | Glenveagh Properties vs. Irish Residential Properties | Glenveagh Properties vs. Bank of Ireland |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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