Correlation Between High Coast and Nanoform Finland
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By analyzing existing cross correlation between High Coast Distillery and Nanoform Finland Plc, you can compare the effects of market volatilities on High Coast and Nanoform Finland 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 High Coast with a short position of Nanoform Finland. Check out your portfolio center. Please also check ongoing floating volatility patterns of High Coast and Nanoform Finland.
Diversification Opportunities for High Coast and Nanoform Finland
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between High and Nanoform is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding High Coast Distillery and Nanoform Finland Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanoform Finland Plc and High Coast 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 High Coast Distillery are associated (or correlated) with Nanoform Finland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanoform Finland Plc has no effect on the direction of High Coast i.e., High Coast and Nanoform Finland go up and down completely randomly.
Pair Corralation between High Coast and Nanoform Finland
Assuming the 90 days trading horizon High Coast Distillery is expected to generate 0.82 times more return on investment than Nanoform Finland. However, High Coast Distillery is 1.22 times less risky than Nanoform Finland. It trades about 0.0 of its potential returns per unit of risk. Nanoform Finland Plc is currently generating about -0.03 per unit of risk. If you would invest 5,599 in High Coast Distillery on September 13, 2024 and sell it today you would lose (1,019) from holding High Coast Distillery or give up 18.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
High Coast Distillery vs. Nanoform Finland Plc
Performance |
| Timeline |
| High Coast Distillery |
| Nanoform Finland Plc |
High Coast and Nanoform Finland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with High Coast and Nanoform Finland
The main advantage of trading using opposite High Coast and Nanoform Finland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if High Coast position performs unexpectedly, Nanoform Finland 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 Nanoform Finland will offset losses from the drop in Nanoform Finland's long position.| High Coast vs. Viva Wine Group | High Coast vs. Arctic Blue Beverages | High Coast vs. KABE Group AB | High Coast vs. IAR Systems Group |
| Nanoform Finland vs. Bavarian Nordic | Nanoform Finland vs. BioPorto | Nanoform Finland vs. Zaptec AS | Nanoform Finland vs. cBrain 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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