Correlation Between Hafnia and GWOCN
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By analyzing existing cross correlation between Hafnia Limited and GWOCN 415 03 JUN 47, you can compare the effects of market volatilities on Hafnia and GWOCN 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 GWOCN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hafnia and GWOCN.
Diversification Opportunities for Hafnia and GWOCN
Excellent diversification
The 3 months correlation between Hafnia and GWOCN is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Hafnia Limited and GWOCN 415 03 JUN 47 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GWOCN 415 03 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 GWOCN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GWOCN 415 03 has no effect on the direction of Hafnia i.e., Hafnia and GWOCN go up and down completely randomly.
Pair Corralation between Hafnia and GWOCN
Given the investment horizon of 90 days Hafnia Limited is expected to generate 1.44 times more return on investment than GWOCN. However, Hafnia is 1.44 times more volatile than GWOCN 415 03 JUN 47. It trades about 0.03 of its potential returns per unit of risk. GWOCN 415 03 JUN 47 is currently generating about -0.02 per unit of risk. If you would invest 521.00 in Hafnia Limited on September 4, 2024 and sell it today you would earn a total of 60.00 from holding Hafnia Limited or generate 11.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 23.17% |
| Values | Daily Returns |
Hafnia Limited vs. GWOCN 415 03 JUN 47
Performance |
| Timeline |
| Hafnia Limited |
| GWOCN 415 03 |
Hafnia and GWOCN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hafnia and GWOCN
The main advantage of trading using opposite Hafnia and GWOCN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hafnia position performs unexpectedly, GWOCN 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 GWOCN will offset losses from the drop in GWOCN's long position.| Hafnia vs. Axalta Coating Systems | Hafnia vs. NL Industries | Hafnia vs. Chemours Co | Hafnia vs. CVR Partners LP |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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