Correlation Between Hafnia and MOSAIC
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hafnia Limited and MOSAIC NEW 405, you can compare the effects of market volatilities on Hafnia and MOSAIC 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 MOSAIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hafnia and MOSAIC.
Diversification Opportunities for Hafnia and MOSAIC
Poor diversification
The 3 months correlation between Hafnia and MOSAIC is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Hafnia Limited and MOSAIC NEW 405 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOSAIC NEW 405 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 MOSAIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOSAIC NEW 405 has no effect on the direction of Hafnia i.e., Hafnia and MOSAIC go up and down completely randomly.
Pair Corralation between Hafnia and MOSAIC
Given the investment horizon of 90 days Hafnia Limited is expected to generate 6.02 times more return on investment than MOSAIC. However, Hafnia is 6.02 times more volatile than MOSAIC NEW 405. It trades about 0.01 of its potential returns per unit of risk. MOSAIC NEW 405 is currently generating about 0.01 per unit of risk. If you would invest 547.00 in Hafnia Limited on September 14, 2024 and sell it today you would lose (13.50) from holding Hafnia Limited or give up 2.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Hafnia Limited vs. MOSAIC NEW 405
Performance |
| Timeline |
| Hafnia Limited |
| MOSAIC NEW 405 |
Hafnia and MOSAIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hafnia and MOSAIC
The main advantage of trading using opposite Hafnia and MOSAIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hafnia position performs unexpectedly, MOSAIC 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 MOSAIC will offset losses from the drop in MOSAIC's long position.| Hafnia vs. Asure Software | Hafnia vs. Analog Devices | Hafnia vs. Tower Semiconductor | Hafnia vs. IPG Photonics |
| MOSAIC vs. Scandinavian Tobacco Group | MOSAIC vs. Anheuser Busch Inbev | MOSAIC vs. Diageo PLC ADR | MOSAIC vs. Ispire Technology Common |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |