Correlation Between AP Mller and Jyske Bank
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By analyzing existing cross correlation between AP Mller and Jyske Bank AS, you can compare the effects of market volatilities on AP Mller and Jyske Bank 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 Jyske Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of AP Mller and Jyske Bank.
Diversification Opportunities for AP Mller and Jyske Bank
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between MAERSK-A and Jyske is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding AP Mller and Jyske Bank AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jyske Bank AS 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 Jyske Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jyske Bank AS has no effect on the direction of AP Mller i.e., AP Mller and Jyske Bank go up and down completely randomly.
Pair Corralation between AP Mller and Jyske Bank
Assuming the 90 days trading horizon AP Mller is expected to generate 2.31 times more return on investment than Jyske Bank. However, AP Mller is 2.31 times more volatile than Jyske Bank AS. It trades about 0.12 of its potential returns per unit of risk. Jyske Bank AS is currently generating about 0.08 per unit of risk. If you would invest 1,106,000 in AP Mller on September 4, 2024 and sell it today you would earn a total of 74,000 from holding AP Mller or generate 6.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AP Mller vs. Jyske Bank AS
Performance |
| Timeline |
| AP Mller |
| Jyske Bank AS |
AP Mller and Jyske Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AP Mller and Jyske Bank
The main advantage of trading using opposite AP Mller and Jyske Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AP Mller position performs unexpectedly, Jyske Bank 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 Jyske Bank will offset losses from the drop in Jyske Bank's long position.| AP Mller vs. Dampskibsselskabet Norden AS | AP Mller vs. FLSmidth Co | AP Mller vs. Zealand Pharma AS | AP Mller vs. NKT AS |
| Jyske Bank vs. FLSmidth Co | Jyske Bank vs. Danske Bank AS | Jyske Bank vs. ISS AS | Jyske Bank vs. DSV Panalpina AS |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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