Correlation Between Hafnia and 459200KV2
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By analyzing existing cross correlation between Hafnia Limited and IBM 49 27 JUL 52, you can compare the effects of market volatilities on Hafnia and 459200KV2 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 459200KV2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hafnia and 459200KV2.
Diversification Opportunities for Hafnia and 459200KV2
Poor diversification
The 3 months correlation between Hafnia and 459200KV2 is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Hafnia Limited and IBM 49 27 JUL 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IBM 49 27 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 459200KV2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IBM 49 27 has no effect on the direction of Hafnia i.e., Hafnia and 459200KV2 go up and down completely randomly.
Pair Corralation between Hafnia and 459200KV2
Given the investment horizon of 90 days Hafnia Limited is expected to under-perform the 459200KV2. In addition to that, Hafnia is 1.13 times more volatile than IBM 49 27 JUL 52. It trades about -0.25 of its total potential returns per unit of risk. IBM 49 27 JUL 52 is currently generating about 0.1 per unit of volatility. If you would invest 9,161 in IBM 49 27 JUL 52 on August 29, 2024 and sell it today you would earn a total of 291.00 from holding IBM 49 27 JUL 52 or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 81.82% |
| Values | Daily Returns |
Hafnia Limited vs. IBM 49 27 JUL 52
Performance |
| Timeline |
| Hafnia Limited |
| IBM 49 27 |
Hafnia and 459200KV2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hafnia and 459200KV2
The main advantage of trading using opposite Hafnia and 459200KV2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hafnia position performs unexpectedly, 459200KV2 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 459200KV2 will offset losses from the drop in 459200KV2's long position.| Hafnia vs. The Gap, | Hafnia vs. Boot Barn Holdings | Hafnia vs. National Beverage Corp | Hafnia vs. Kontoor Brands |
| 459200KV2 vs. AEP TEX INC | 459200KV2 vs. US BANK NATIONAL | 459200KV2 vs. 3M Company | 459200KV2 vs. Alcoa Corp |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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