Correlation Between ARCTIC HIGH and SKAGEN AVKASTNING
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By analyzing existing cross correlation between ARCTIC HIGH RETURN and SKAGEN AVKASTNING, you can compare the effects of market volatilities on ARCTIC HIGH and SKAGEN AVKASTNING 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 ARCTIC HIGH with a short position of SKAGEN AVKASTNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of ARCTIC HIGH and SKAGEN AVKASTNING.
Diversification Opportunities for ARCTIC HIGH and SKAGEN AVKASTNING
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between ARCTIC and SKAGEN is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding ARCTIC HIGH RETURN and SKAGEN AVKASTNING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SKAGEN AVKASTNING and ARCTIC HIGH 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 ARCTIC HIGH RETURN are associated (or correlated) with SKAGEN AVKASTNING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SKAGEN AVKASTNING has no effect on the direction of ARCTIC HIGH i.e., ARCTIC HIGH and SKAGEN AVKASTNING go up and down completely randomly.
Pair Corralation between ARCTIC HIGH and SKAGEN AVKASTNING
Assuming the 90 days trading horizon ARCTIC HIGH is expected to generate 1.01 times less return on investment than SKAGEN AVKASTNING. In addition to that, ARCTIC HIGH is 5.13 times more volatile than SKAGEN AVKASTNING. It trades about 0.13 of its total potential returns per unit of risk. SKAGEN AVKASTNING is currently generating about 0.69 per unit of volatility. If you would invest 14,785 in SKAGEN AVKASTNING on August 28, 2024 and sell it today you would earn a total of 55.00 from holding SKAGEN AVKASTNING or generate 0.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ARCTIC HIGH RETURN vs. SKAGEN AVKASTNING
Performance |
| Timeline |
| ARCTIC HIGH RETURN |
| SKAGEN AVKASTNING |
ARCTIC HIGH and SKAGEN AVKASTNING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ARCTIC HIGH and SKAGEN AVKASTNING
The main advantage of trading using opposite ARCTIC HIGH and SKAGEN AVKASTNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ARCTIC HIGH position performs unexpectedly, SKAGEN AVKASTNING 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 SKAGEN AVKASTNING will offset losses from the drop in SKAGEN AVKASTNING's long position.| ARCTIC HIGH vs. DNB NOR KAPFORV | ARCTIC HIGH vs. SKAGEN AVKASTNING | ARCTIC HIGH vs. ODIN NORSK OBLIGASJON |
| SKAGEN AVKASTNING vs. Elkem ASA | SKAGEN AVKASTNING vs. Integrated Wind Solutions | SKAGEN AVKASTNING vs. Vow ASA | SKAGEN AVKASTNING vs. North Energy ASA |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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