Correlation Between Nordfyns Bank and BankInv GloAkColum
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By analyzing existing cross correlation between Nordfyns Bank AS and BankInv GloAkColum Threadndl, you can compare the effects of market volatilities on Nordfyns Bank and BankInv GloAkColum 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 BankInv GloAkColum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordfyns Bank and BankInv GloAkColum.
Diversification Opportunities for Nordfyns Bank and BankInv GloAkColum
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nordfyns and BankInv is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Nordfyns Bank AS and BankInv GloAkColum Threadndl in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BankInv GloAkColum 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 BankInv GloAkColum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BankInv GloAkColum has no effect on the direction of Nordfyns Bank i.e., Nordfyns Bank and BankInv GloAkColum go up and down completely randomly.
Pair Corralation between Nordfyns Bank and BankInv GloAkColum
Assuming the 90 days trading horizon Nordfyns Bank AS is expected to under-perform the BankInv GloAkColum. But the stock apears to be less risky and, when comparing its historical volatility, Nordfyns Bank AS is 1.39 times less risky than BankInv GloAkColum. The stock trades about -0.5 of its potential returns per unit of risk. The BankInv GloAkColum Threadndl is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 13,785 in BankInv GloAkColum Threadndl on September 1, 2024 and sell it today you would earn a total of 475.00 from holding BankInv GloAkColum Threadndl or generate 3.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 63.64% |
| Values | Daily Returns |
Nordfyns Bank AS vs. BankInv GloAkColum Threadndl
Performance |
| Timeline |
| Nordfyns Bank AS |
| BankInv GloAkColum |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Nordfyns Bank and BankInv GloAkColum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nordfyns Bank and BankInv GloAkColum
The main advantage of trading using opposite Nordfyns Bank and BankInv GloAkColum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordfyns Bank position performs unexpectedly, BankInv GloAkColum 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 BankInv GloAkColum will offset losses from the drop in BankInv GloAkColum'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 |
| BankInv GloAkColum vs. Novo Nordisk AS | BankInv GloAkColum vs. Nordea Bank Abp | BankInv GloAkColum vs. DSV Panalpina AS | BankInv GloAkColum 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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