Correlation Between North Media and Asgaard Group
Can any of the company-specific risk be diversified away by investing in both North Media and Asgaard Group at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining North Media and Asgaard Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between North Media AS and Asgaard Group As, you can compare the effects of market volatilities on North Media and Asgaard Group 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 Asgaard Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of North Media and Asgaard Group.
Diversification Opportunities for North Media and Asgaard Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between North and Asgaard is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding North Media AS and Asgaard Group As in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asgaard Group As 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 Asgaard Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asgaard Group As has no effect on the direction of North Media i.e., North Media and Asgaard Group go up and down completely randomly.
Pair Corralation between North Media and Asgaard Group
If you would invest (100.00) in Asgaard Group As on September 4, 2024 and sell it today you would earn a total of 100.00 from holding Asgaard Group As or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
North Media AS vs. Asgaard Group As
Performance |
| Timeline |
| North Media AS |
| Asgaard Group As |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
North Media and Asgaard Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with North Media and Asgaard Group
The main advantage of trading using opposite North Media and Asgaard Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if North Media position performs unexpectedly, Asgaard Group 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 Asgaard Group will offset losses from the drop in Asgaard Group's long position.| North Media vs. Matas AS | North Media vs. cBrain AS | North Media vs. Alm Brand | North Media vs. Netcompany Group AS |
| Asgaard Group vs. BankInvest Value Globale | Asgaard Group vs. Sydbank AS | Asgaard Group vs. North Media AS | Asgaard Group vs. Lollands Bank |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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