Correlation Between NTG Nordic and Nordea Invest
Specify exactly 2 symbols:
By analyzing existing cross correlation between NTG Nordic Transport and Nordea Invest Stabile, you can compare the effects of market volatilities on NTG Nordic and Nordea 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 NTG Nordic with a short position of Nordea Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of NTG Nordic and Nordea Invest.
Diversification Opportunities for NTG Nordic and Nordea Invest
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NTG and Nordea is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding NTG Nordic Transport and Nordea Invest Stabile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Stabile and NTG Nordic 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 NTG Nordic Transport are associated (or correlated) with Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Stabile has no effect on the direction of NTG Nordic i.e., NTG Nordic and Nordea Invest go up and down completely randomly.
Pair Corralation between NTG Nordic and Nordea Invest
Assuming the 90 days trading horizon NTG Nordic Transport is expected to under-perform the Nordea Invest. In addition to that, NTG Nordic is 1.7 times more volatile than Nordea Invest Stabile. It trades about -0.41 of its total potential returns per unit of risk. Nordea Invest Stabile is currently generating about 0.08 per unit of volatility. If you would invest 30,630 in Nordea Invest Stabile on September 20, 2024 and sell it today you would earn a total of 280.00 from holding Nordea Invest Stabile or generate 0.91% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 90.91% |
Values | Daily Returns |
NTG Nordic Transport vs. Nordea Invest Stabile
Performance |
Timeline |
NTG Nordic Transport |
Nordea Invest Stabile |
NTG Nordic and Nordea Invest Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with NTG Nordic and Nordea Invest
The main advantage of trading using opposite NTG Nordic and Nordea Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NTG Nordic position performs unexpectedly, Nordea 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 Nordea Invest will offset losses from the drop in Nordea Invest's long position.NTG Nordic vs. cBrain AS | NTG Nordic vs. Netcompany Group AS | NTG Nordic vs. ChemoMetec AS | NTG Nordic vs. NKT AS |
Nordea Invest vs. Jyske Bank AS | Nordea Invest vs. Kreditbanken AS | Nordea Invest vs. North Media AS | Nordea Invest vs. Strategic Investments 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |