Correlation Between Nordfyns Bank and Asgaard Group
Can any of the company-specific risk be diversified away by investing in both Nordfyns Bank 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 Nordfyns Bank and Asgaard Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nordfyns Bank AS and Asgaard Group As, you can compare the effects of market volatilities on Nordfyns Bank 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 Nordfyns Bank with a short position of Asgaard Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordfyns Bank and Asgaard Group.
Diversification Opportunities for Nordfyns Bank and Asgaard Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nordfyns and Asgaard is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nordfyns Bank 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 Nordfyns Bank 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 Nordfyns Bank 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 Nordfyns Bank i.e., Nordfyns Bank and Asgaard Group go up and down completely randomly.
Pair Corralation between Nordfyns Bank and Asgaard Group
If you would invest (100.00) in Asgaard Group As on September 1, 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 |
Nordfyns Bank AS vs. Asgaard Group As
Performance |
| Timeline |
| Nordfyns Bank AS |
| Asgaard Group As |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nordfyns Bank and Asgaard Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nordfyns Bank and Asgaard Group
The main advantage of trading using opposite Nordfyns Bank and Asgaard Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordfyns Bank 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.| Nordfyns Bank vs. Skjern Bank AS | Nordfyns Bank vs. Lollands Bank | Nordfyns Bank vs. Djurslands Bank | Nordfyns Bank vs. Moens Bank AS |
| Asgaard Group vs. NTG Nordic Transport | Asgaard Group vs. Nordfyns Bank AS | Asgaard Group vs. Formuepleje Mix Medium | Asgaard Group vs. Sydbank 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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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