Correlation Between Nordea Invest and Stenocare
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By analyzing existing cross correlation between Nordea Invest Global and Stenocare AS, you can compare the effects of market volatilities on Nordea Invest and Stenocare 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 Nordea Invest with a short position of Stenocare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordea Invest and Stenocare.
Diversification Opportunities for Nordea Invest and Stenocare
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nordea and Stenocare is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nordea Invest Global and Stenocare AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stenocare AS and Nordea 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 Nordea Invest Global are associated (or correlated) with Stenocare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stenocare AS has no effect on the direction of Nordea Invest i.e., Nordea Invest and Stenocare go up and down completely randomly.
Pair Corralation between Nordea Invest and Stenocare
If you would invest 0.00 in Nordea Invest Global on October 24, 2024 and sell it today you would earn a total of 0.00 from holding Nordea Invest Global or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Nordea Invest Global vs. Stenocare AS
Performance |
| Timeline |
| Nordea Invest Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
| Stenocare AS |
Nordea Invest and Stenocare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nordea Invest and Stenocare
The main advantage of trading using opposite Nordea Invest and Stenocare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordea Invest position performs unexpectedly, Stenocare 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 Stenocare will offset losses from the drop in Stenocare's long position.| Nordea Invest vs. Moens Bank AS | Nordea Invest vs. North Media AS | Nordea Invest vs. Lollands Bank | Nordea Invest vs. Scandinavian Investment Group |
| Stenocare vs. Fynske Bank AS | Stenocare vs. PARKEN Sport Entertainment | Stenocare vs. Laan Spar Bank | Stenocare 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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