Correlation Between AP Mller and BankInvest Value
Specify exactly 2 symbols:
By analyzing existing cross correlation between AP Mller and BankInvest Value Globale, you can compare the effects of market volatilities on AP Mller and BankInvest Value 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 AP Mller with a short position of BankInvest Value. Check out your portfolio center. Please also check ongoing floating volatility patterns of AP Mller and BankInvest Value.
Diversification Opportunities for AP Mller and BankInvest Value
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between MAERSK-A and BankInvest is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding AP Mller and BankInvest Value Globale in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BankInvest Value Globale and AP Mller 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 AP Mller are associated (or correlated) with BankInvest Value. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BankInvest Value Globale has no effect on the direction of AP Mller i.e., AP Mller and BankInvest Value go up and down completely randomly.
Pair Corralation between AP Mller and BankInvest Value
Assuming the 90 days trading horizon AP Mller is expected to generate 1.04 times less return on investment than BankInvest Value. In addition to that, AP Mller is 3.0 times more volatile than BankInvest Value Globale. It trades about 0.09 of its total potential returns per unit of risk. BankInvest Value Globale is currently generating about 0.29 per unit of volatility. If you would invest 10,240 in BankInvest Value Globale on September 3, 2024 and sell it today you would earn a total of 510.00 from holding BankInvest Value Globale or generate 4.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.48% |
| Values | Daily Returns |
AP Mller vs. BankInvest Value Globale
Performance |
| Timeline |
| AP Mller |
| BankInvest Value Globale |
AP Mller and BankInvest Value Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AP Mller and BankInvest Value
The main advantage of trading using opposite AP Mller and BankInvest Value positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AP Mller position performs unexpectedly, BankInvest Value 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 BankInvest Value will offset losses from the drop in BankInvest Value's long position.| AP Mller vs. AP Mller | AP Mller vs. DSV Panalpina AS | AP Mller vs. Danske Bank AS | AP Mller vs. FLSmidth Co |
| BankInvest Value vs. Novo Nordisk AS | BankInvest Value vs. Nordea Bank Abp | BankInvest Value vs. DSV Panalpina AS | BankInvest Value vs. AP Mller |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |