Correlation Between Nightingale Health and HKFoods Oyj
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By analyzing existing cross correlation between Nightingale Health Oyj and HKFoods Oyj A, you can compare the effects of market volatilities on Nightingale Health and HKFoods Oyj 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 Nightingale Health with a short position of HKFoods Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nightingale Health and HKFoods Oyj.
Diversification Opportunities for Nightingale Health and HKFoods Oyj
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Nightingale and HKFoods is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Nightingale Health Oyj and HKFoods Oyj A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HKFoods Oyj A and Nightingale Health 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 Nightingale Health Oyj are associated (or correlated) with HKFoods Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HKFoods Oyj A has no effect on the direction of Nightingale Health i.e., Nightingale Health and HKFoods Oyj go up and down completely randomly.
Pair Corralation between Nightingale Health and HKFoods Oyj
Assuming the 90 days trading horizon Nightingale Health Oyj is expected to under-perform the HKFoods Oyj. In addition to that, Nightingale Health is 1.19 times more volatile than HKFoods Oyj A. It trades about -0.03 of its total potential returns per unit of risk. HKFoods Oyj A is currently generating about 0.11 per unit of volatility. If you would invest 77.00 in HKFoods Oyj A on August 30, 2024 and sell it today you would earn a total of 6.00 from holding HKFoods Oyj A or generate 7.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nightingale Health Oyj vs. HKFoods Oyj A
Performance |
| Timeline |
| Nightingale Health Oyj |
| HKFoods Oyj A |
Nightingale Health and HKFoods Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nightingale Health and HKFoods Oyj
The main advantage of trading using opposite Nightingale Health and HKFoods Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nightingale Health position performs unexpectedly, HKFoods Oyj 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 HKFoods Oyj will offset losses from the drop in HKFoods Oyj's long position.| Nightingale Health vs. CapMan Oyj B | Nightingale Health vs. HKFoods Oyj A | Nightingale Health vs. Spinnova Oy | Nightingale Health vs. KONE Oyj |
| HKFoods Oyj vs. Nordea Bank Abp | HKFoods Oyj vs. Neste Oil Oyj | HKFoods Oyj vs. KONE Oyj | HKFoods Oyj vs. Nokia Oyj |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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