Correlation Between DNB NOR and Green Minerals
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By analyzing existing cross correlation between DNB NOR KAPFORV and Green Minerals AS, you can compare the effects of market volatilities on DNB NOR and Green Minerals 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 DNB NOR with a short position of Green Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of DNB NOR and Green Minerals.
Diversification Opportunities for DNB NOR and Green Minerals
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between DNB and Green is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding DNB NOR KAPFORV and Green Minerals AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green Minerals AS and DNB NOR 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 DNB NOR KAPFORV are associated (or correlated) with Green Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green Minerals AS has no effect on the direction of DNB NOR i.e., DNB NOR and Green Minerals go up and down completely randomly.
Pair Corralation between DNB NOR and Green Minerals
Assuming the 90 days trading horizon DNB NOR KAPFORV is expected to under-perform the Green Minerals. But the fund apears to be less risky and, when comparing its historical volatility, DNB NOR KAPFORV is 7.69 times less risky than Green Minerals. The fund trades about -0.2 of its potential returns per unit of risk. The Green Minerals AS is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 321.00 in Green Minerals AS on October 23, 2024 and sell it today you would earn a total of 64.00 from holding Green Minerals AS or generate 19.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
DNB NOR KAPFORV vs. Green Minerals AS
Performance |
| Timeline |
| DNB NOR KAPFORV |
| Green Minerals AS |
DNB NOR and Green Minerals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DNB NOR and Green Minerals
The main advantage of trading using opposite DNB NOR and Green Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DNB NOR position performs unexpectedly, Green Minerals 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 Green Minerals will offset losses from the drop in Green Minerals' long position.| DNB NOR vs. Elkem ASA | DNB NOR vs. Integrated Wind Solutions | DNB NOR vs. Vow ASA | DNB NOR vs. North Energy ASA |
| Green Minerals vs. Sogn Sparebank | Green Minerals vs. Nidaros Sparebank | Green Minerals vs. Pareto Bank ASA | Green Minerals vs. Kraft Bank Asa |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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