Correlation Between Maj Invest and Rovsing AS
Specify exactly 2 symbols:
By analyzing existing cross correlation between Maj Invest Glob and Rovsing AS, you can compare the effects of market volatilities on Maj Invest and Rovsing 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 Maj Invest with a short position of Rovsing AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maj Invest and Rovsing AS.
Diversification Opportunities for Maj Invest and Rovsing AS
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Maj and Rovsing is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Maj Invest Glob and Rovsing AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rovsing AS 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 Rovsing AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rovsing AS has no effect on the direction of Maj Invest i.e., Maj Invest and Rovsing AS go up and down completely randomly.
Pair Corralation between Maj Invest and Rovsing AS
Assuming the 90 days trading horizon Maj Invest is expected to generate 3.04 times less return on investment than Rovsing AS. But when comparing it to its historical volatility, Maj Invest Glob is 5.73 times less risky than Rovsing AS. It trades about 0.09 of its potential returns per unit of risk. Rovsing AS is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 3,500 in Rovsing AS on September 3, 2024 and sell it today you would earn a total of 600.00 from holding Rovsing AS or generate 17.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maj Invest Glob vs. Rovsing AS
Performance |
| Timeline |
| Maj Invest Glob |
| Rovsing AS |
Maj Invest and Rovsing AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maj Invest and Rovsing AS
The main advantage of trading using opposite Maj Invest and Rovsing AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maj Invest position performs unexpectedly, Rovsing 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 Rovsing AS will offset losses from the drop in Rovsing AS's long position.| Maj Invest vs. Novo Nordisk AS | Maj Invest vs. Nordea Bank Abp | Maj Invest vs. DSV Panalpina AS | Maj Invest vs. AP Mller |
| Rovsing AS vs. BioPorto | Rovsing AS vs. cBrain AS | Rovsing AS vs. Orphazyme AS | Rovsing AS vs. North Media 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |