Correlation Between Harboes Bryggeri and Agat Ejendomme
Can any of the company-specific risk be diversified away by investing in both Harboes Bryggeri and Agat Ejendomme at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Harboes Bryggeri and Agat Ejendomme into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Harboes Bryggeri AS and Agat Ejendomme AS, you can compare the effects of market volatilities on Harboes Bryggeri and Agat Ejendomme 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 Harboes Bryggeri with a short position of Agat Ejendomme. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harboes Bryggeri and Agat Ejendomme.
Diversification Opportunities for Harboes Bryggeri and Agat Ejendomme
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Harboes and Agat is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Harboes Bryggeri AS and Agat Ejendomme AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agat Ejendomme AS and Harboes Bryggeri 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 Harboes Bryggeri AS are associated (or correlated) with Agat Ejendomme. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agat Ejendomme AS has no effect on the direction of Harboes Bryggeri i.e., Harboes Bryggeri and Agat Ejendomme go up and down completely randomly.
Pair Corralation between Harboes Bryggeri and Agat Ejendomme
Assuming the 90 days trading horizon Harboes Bryggeri AS is expected to generate 1.72 times more return on investment than Agat Ejendomme. However, Harboes Bryggeri is 1.72 times more volatile than Agat Ejendomme AS. It trades about 0.0 of its potential returns per unit of risk. Agat Ejendomme AS is currently generating about -0.07 per unit of risk. If you would invest 16,400 in Harboes Bryggeri AS on August 29, 2024 and sell it today you would lose (150.00) from holding Harboes Bryggeri AS or give up 0.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harboes Bryggeri AS vs. Agat Ejendomme AS
Performance |
| Timeline |
| Harboes Bryggeri |
| Agat Ejendomme AS |
Harboes Bryggeri and Agat Ejendomme Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harboes Bryggeri and Agat Ejendomme
The main advantage of trading using opposite Harboes Bryggeri and Agat Ejendomme positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harboes Bryggeri position performs unexpectedly, Agat Ejendomme 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 Agat Ejendomme will offset losses from the drop in Agat Ejendomme's long position.| Harboes Bryggeri vs. Royal Unibrew AS | Harboes Bryggeri vs. Matas AS | Harboes Bryggeri vs. Nnit AS | Harboes Bryggeri vs. DFDS AS |
| Agat Ejendomme vs. Cemat AS | Agat Ejendomme vs. Columbus AS | Agat Ejendomme vs. Harboes Bryggeri AS | Agat Ejendomme vs. Copenhagen Capital AS |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |