Correlation Between HKFoods Oyj and Oriola KD
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By analyzing existing cross correlation between HKFoods Oyj A and Oriola KD Oyj A, you can compare the effects of market volatilities on HKFoods Oyj and Oriola KD 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 Oriola KD. Check out your portfolio center. Please also check ongoing floating volatility patterns of HKFoods Oyj and Oriola KD.
Diversification Opportunities for HKFoods Oyj and Oriola KD
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HKFoods and Oriola is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding HKFoods Oyj A and Oriola KD Oyj A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oriola KD 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 Oriola KD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oriola KD Oyj has no effect on the direction of HKFoods Oyj i.e., HKFoods Oyj and Oriola KD go up and down completely randomly.
Pair Corralation between HKFoods Oyj and Oriola KD
Assuming the 90 days trading horizon HKFoods Oyj A is expected to generate 3.02 times more return on investment than Oriola KD. However, HKFoods Oyj is 3.02 times more volatile than Oriola KD Oyj A. It trades about 0.11 of its potential returns per unit of risk. Oriola KD Oyj A is currently generating about -0.25 per unit of risk. 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 | 95.65% |
| Values | Daily Returns |
HKFoods Oyj A vs. Oriola KD Oyj A
Performance |
| Timeline |
| HKFoods Oyj A |
| Oriola KD Oyj |
HKFoods Oyj and Oriola KD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HKFoods Oyj and Oriola KD
The main advantage of trading using opposite HKFoods Oyj and Oriola KD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HKFoods Oyj position performs unexpectedly, Oriola KD 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 Oriola KD will offset losses from the drop in Oriola KD'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 |
| Oriola KD vs. Oriola KD Oyj B | Oriola KD vs. Lassila Tikanoja Oyj | Oriola KD vs. Raisio Oyj Vaihto osake | Oriola KD vs. YIT 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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