Correlation Between North Media and Accunia Invest
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By analyzing existing cross correlation between North Media AS and Accunia Invest EUR, you can compare the effects of market volatilities on North Media and Accunia Invest 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 North Media with a short position of Accunia Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of North Media and Accunia Invest.
Diversification Opportunities for North Media and Accunia Invest
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between North and Accunia is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding North Media AS and Accunia Invest EUR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accunia Invest EUR and North Media 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 North Media AS are associated (or correlated) with Accunia Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accunia Invest EUR has no effect on the direction of North Media i.e., North Media and Accunia Invest go up and down completely randomly.
Pair Corralation between North Media and Accunia Invest
Assuming the 90 days trading horizon North Media AS is expected to under-perform the Accunia Invest. In addition to that, North Media is 4.01 times more volatile than Accunia Invest EUR. It trades about -0.36 of its total potential returns per unit of risk. Accunia Invest EUR is currently generating about 0.1 per unit of volatility. If you would invest 98,250 in Accunia Invest EUR on September 3, 2024 and sell it today you would earn a total of 610.00 from holding Accunia Invest EUR or generate 0.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
North Media AS vs. Accunia Invest EUR
Performance |
| Timeline |
| North Media AS |
| Accunia Invest EUR |
North Media and Accunia Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with North Media and Accunia Invest
The main advantage of trading using opposite North Media and Accunia Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if North Media position performs unexpectedly, Accunia Invest 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 Accunia Invest will offset losses from the drop in Accunia Invest's long position.| North Media vs. Matas AS | North Media vs. cBrain AS | North Media vs. Alm Brand | North Media vs. Netcompany Group AS |
| Accunia Invest vs. Novo Nordisk AS | Accunia Invest vs. Nordea Bank Abp | Accunia Invest vs. DSV Panalpina AS | Accunia Invest vs. AP Mller |
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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