Correlation Between Nordea Invest and Groenlandsbanken
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nordea Invest Stabile and Groenlandsbanken AS, you can compare the effects of market volatilities on Nordea Invest and Groenlandsbanken 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 Groenlandsbanken. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordea Invest and Groenlandsbanken.
Diversification Opportunities for Nordea Invest and Groenlandsbanken
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nordea and Groenlandsbanken is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Nordea Invest Stabile and Groenlandsbanken AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Groenlandsbanken 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 Stabile are associated (or correlated) with Groenlandsbanken. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Groenlandsbanken has no effect on the direction of Nordea Invest i.e., Nordea Invest and Groenlandsbanken go up and down completely randomly.
Pair Corralation between Nordea Invest and Groenlandsbanken
Assuming the 90 days trading horizon Nordea Invest is expected to generate 3.04 times less return on investment than Groenlandsbanken. But when comparing it to its historical volatility, Nordea Invest Stabile is 1.11 times less risky than Groenlandsbanken. It trades about 0.04 of its potential returns per unit of risk. Groenlandsbanken AS is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 67,500 in Groenlandsbanken AS on October 1, 2024 and sell it today you would earn a total of 2,500 from holding Groenlandsbanken AS or generate 3.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Nordea Invest Stabile vs. Groenlandsbanken AS
Performance |
| Timeline |
| Nordea Invest Stabile |
| Groenlandsbanken |
Nordea Invest and Groenlandsbanken Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nordea Invest and Groenlandsbanken
The main advantage of trading using opposite Nordea Invest and Groenlandsbanken positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordea Invest position performs unexpectedly, Groenlandsbanken 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 Groenlandsbanken will offset losses from the drop in Groenlandsbanken's long position.| Nordea Invest vs. Novo Nordisk AS | Nordea Invest vs. Nordea Bank Abp | Nordea Invest vs. DSV Panalpina AS | Nordea Invest vs. AP Mller |
| Groenlandsbanken vs. Skjern Bank AS | Groenlandsbanken vs. Lollands Bank | Groenlandsbanken vs. Ringkjoebing Landbobank AS | Groenlandsbanken vs. Kreditbanken 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |