Correlation Between HKFoods Oyj and Incap Oyj
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By analyzing existing cross correlation between HKFoods Oyj A and Incap Oyj, you can compare the effects of market volatilities on HKFoods Oyj and Incap 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 HKFoods Oyj with a short position of Incap Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of HKFoods Oyj and Incap Oyj.
Diversification Opportunities for HKFoods Oyj and Incap Oyj
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HKFoods and Incap is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding HKFoods Oyj A and Incap Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Incap Oyj and HKFoods Oyj 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 HKFoods Oyj A are associated (or correlated) with Incap Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Incap Oyj has no effect on the direction of HKFoods Oyj i.e., HKFoods Oyj and Incap Oyj go up and down completely randomly.
Pair Corralation between HKFoods Oyj and Incap Oyj
Assuming the 90 days trading horizon HKFoods Oyj A is expected to generate 0.98 times more return on investment than Incap Oyj. However, HKFoods Oyj A is 1.02 times less risky than Incap Oyj. It trades about 0.05 of its potential returns per unit of risk. Incap Oyj is currently generating about 0.01 per unit of risk. If you would invest 70.00 in HKFoods Oyj A on August 31, 2024 and sell it today you would earn a total of 12.00 from holding HKFoods Oyj A or generate 17.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 41.76% |
| Values | Daily Returns |
HKFoods Oyj A vs. Incap Oyj
Performance |
| Timeline |
| HKFoods Oyj A |
| Incap Oyj |
HKFoods Oyj and Incap Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HKFoods Oyj and Incap Oyj
The main advantage of trading using opposite HKFoods Oyj and Incap Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HKFoods Oyj position performs unexpectedly, Incap 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 Incap Oyj will offset losses from the drop in Incap Oyj's long position.| HKFoods Oyj vs. QPR Software Oyj | HKFoods Oyj vs. Trainers House Oyj | HKFoods Oyj vs. Alandsbanken Abp A | HKFoods Oyj vs. Remedy Entertainment Oyj |
| Incap Oyj vs. Harvia Oyj | Incap Oyj vs. Qt Group Oyj | Incap Oyj vs. Revenio Group | Incap Oyj vs. Tecnotree 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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