Correlation Between Hafnia and DANBNK
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By analyzing existing cross correlation between Hafnia Limited and DANBNK 4375 12 JUN 28, you can compare the effects of market volatilities on Hafnia and DANBNK 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 Hafnia with a short position of DANBNK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hafnia and DANBNK.
Diversification Opportunities for Hafnia and DANBNK
Pay attention - limited upside
The 3 months correlation between Hafnia and DANBNK is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Hafnia Limited and DANBNK 4375 12 JUN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DANBNK 4375 12 and Hafnia 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 Hafnia Limited are associated (or correlated) with DANBNK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DANBNK 4375 12 has no effect on the direction of Hafnia i.e., Hafnia and DANBNK go up and down completely randomly.
Pair Corralation between Hafnia and DANBNK
Given the investment horizon of 90 days Hafnia Limited is expected to generate 3.34 times more return on investment than DANBNK. However, Hafnia is 3.34 times more volatile than DANBNK 4375 12 JUN 28. It trades about 0.05 of its potential returns per unit of risk. DANBNK 4375 12 JUN 28 is currently generating about 0.02 per unit of risk. If you would invest 399.00 in Hafnia Limited on September 4, 2024 and sell it today you would earn a total of 164.00 from holding Hafnia Limited or generate 41.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 36.66% |
| Values | Daily Returns |
Hafnia Limited vs. DANBNK 4375 12 JUN 28
Performance |
| Timeline |
| Hafnia Limited |
| DANBNK 4375 12 |
Hafnia and DANBNK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hafnia and DANBNK
The main advantage of trading using opposite Hafnia and DANBNK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hafnia position performs unexpectedly, DANBNK 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 DANBNK will offset losses from the drop in DANBNK's long position.| Hafnia vs. Axalta Coating Systems | Hafnia vs. NL Industries | Hafnia vs. Chemours Co | Hafnia vs. CVR Partners LP |
| DANBNK vs. Ironveld Plc | DANBNK vs. Grupo Simec SAB | DANBNK vs. United States Steel | DANBNK vs. Summit Environmental |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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