Correlation Between Holand Og and Hynion AS
Can any of the company-specific risk be diversified away by investing in both Holand Og and Hynion AS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Holand Og and Hynion AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Holand og Setskog and Hynion AS, you can compare the effects of market volatilities on Holand Og and Hynion AS 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 Holand Og with a short position of Hynion AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holand Og and Hynion AS.
Diversification Opportunities for Holand Og and Hynion AS
Good diversification
The 3 months correlation between Holand and Hynion is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Holand og Setskog and Hynion AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hynion AS and Holand Og 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 Holand og Setskog are associated (or correlated) with Hynion AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hynion AS has no effect on the direction of Holand Og i.e., Holand Og and Hynion AS go up and down completely randomly.
Pair Corralation between Holand Og and Hynion AS
If you would invest 12,449 in Holand og Setskog on October 11, 2024 and sell it today you would earn a total of 1,751 from holding Holand og Setskog or generate 14.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Holand og Setskog vs. Hynion AS
Performance |
| Timeline |
| Holand og Setskog |
| Hynion AS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Holand Og and Hynion AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holand Og and Hynion AS
The main advantage of trading using opposite Holand Og and Hynion AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holand Og position performs unexpectedly, Hynion AS 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 Hynion AS will offset losses from the drop in Hynion AS's long position.| Holand Og vs. Melhus Sparebank | Holand Og vs. Aurskog Sparebank | Holand Og vs. Sparebanken Sor | Holand Og vs. Sparebank 1 Ringerike |
| Hynion AS vs. Sea1 Offshore | Hynion AS vs. Goodtech | Hynion AS vs. Bien Sparebank ASA | Hynion AS vs. SpareBank 1 stlandet |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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