Correlation Between Maj Invest and Dataproces Group
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By analyzing existing cross correlation between Maj Invest Glob and Dataproces Group AS, you can compare the effects of market volatilities on Maj Invest and Dataproces Group 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 Maj Invest with a short position of Dataproces Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maj Invest and Dataproces Group.
Diversification Opportunities for Maj Invest and Dataproces Group
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Maj and Dataproces is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Maj Invest Glob and Dataproces Group AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dataproces Group and Maj Invest 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 Maj Invest Glob are associated (or correlated) with Dataproces Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dataproces Group has no effect on the direction of Maj Invest i.e., Maj Invest and Dataproces Group go up and down completely randomly.
Pair Corralation between Maj Invest and Dataproces Group
Assuming the 90 days trading horizon Maj Invest Glob is expected to generate 0.31 times more return on investment than Dataproces Group. However, Maj Invest Glob is 3.27 times less risky than Dataproces Group. It trades about 0.18 of its potential returns per unit of risk. Dataproces Group AS is currently generating about 0.04 per unit of risk. If you would invest 13,710 in Maj Invest Glob on August 25, 2024 and sell it today you would earn a total of 530.00 from holding Maj Invest Glob or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Maj Invest Glob vs. Dataproces Group AS
Performance |
| Timeline |
| Maj Invest Glob |
| Dataproces Group |
Maj Invest and Dataproces Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maj Invest and Dataproces Group
The main advantage of trading using opposite Maj Invest and Dataproces Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maj Invest position performs unexpectedly, Dataproces Group 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 Dataproces Group will offset losses from the drop in Dataproces Group's long position.| Maj Invest vs. MapsPeople AS | Maj Invest vs. Penneo AS | Maj Invest vs. Dataproces Group AS | Maj Invest vs. Orderyoyo AS |
| Dataproces Group vs. Penneo AS | Dataproces Group vs. Bactiquant AS | Dataproces Group vs. cBrain AS | Dataproces Group vs. FOM Technologies 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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