Correlation Between HKFoods Oyj and Nixu Oyj
Specify exactly 2 symbols:
By analyzing existing cross correlation between HKFoods Oyj A and Nixu Oyj, you can compare the effects of market volatilities on HKFoods Oyj and Nixu 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 Nixu Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of HKFoods Oyj and Nixu Oyj.
Diversification Opportunities for HKFoods Oyj and Nixu Oyj
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HKFoods and Nixu is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding HKFoods Oyj A and Nixu Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nixu 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 Nixu Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nixu Oyj has no effect on the direction of HKFoods Oyj i.e., HKFoods Oyj and Nixu Oyj go up and down completely randomly.
Pair Corralation between HKFoods Oyj and Nixu Oyj
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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
HKFoods Oyj A vs. Nixu Oyj
Performance |
| Timeline |
| HKFoods Oyj A |
| Nixu Oyj |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HKFoods Oyj and Nixu Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HKFoods Oyj and Nixu Oyj
The main advantage of trading using opposite HKFoods Oyj and Nixu Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HKFoods Oyj position performs unexpectedly, Nixu 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 Nixu Oyj will offset losses from the drop in Nixu Oyj's long position.| HKFoods Oyj vs. Nordea Bank Abp | HKFoods Oyj vs. Neste Oil Oyj | HKFoods Oyj vs. KONE Oyj | HKFoods Oyj vs. Nokia Oyj |
| Nixu Oyj vs. HKFoods Oyj A | Nixu Oyj vs. QPR Software Oyj | Nixu Oyj vs. Alma Media Oyj | Nixu Oyj vs. Remedy Entertainment 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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