Correlation Between PARKEN Sport and BankInvest Value
Specify exactly 2 symbols:
By analyzing existing cross correlation between PARKEN Sport Entertainment and BankInvest Value Globale, you can compare the effects of market volatilities on PARKEN Sport and BankInvest Value 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 PARKEN Sport with a short position of BankInvest Value. Check out your portfolio center. Please also check ongoing floating volatility patterns of PARKEN Sport and BankInvest Value.
Diversification Opportunities for PARKEN Sport and BankInvest Value
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PARKEN and BankInvest is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding PARKEN Sport Entertainment and BankInvest Value Globale in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BankInvest Value Globale and PARKEN Sport 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 PARKEN Sport Entertainment are associated (or correlated) with BankInvest Value. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BankInvest Value Globale has no effect on the direction of PARKEN Sport i.e., PARKEN Sport and BankInvest Value go up and down completely randomly.
Pair Corralation between PARKEN Sport and BankInvest Value
Assuming the 90 days trading horizon PARKEN Sport Entertainment is expected to generate 1.69 times more return on investment than BankInvest Value. However, PARKEN Sport is 1.69 times more volatile than BankInvest Value Globale. It trades about 0.07 of its potential returns per unit of risk. BankInvest Value Globale is currently generating about 0.01 per unit of risk. If you would invest 6,855 in PARKEN Sport Entertainment on September 3, 2024 and sell it today you would earn a total of 5,245 from holding PARKEN Sport Entertainment or generate 76.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 80.84% |
| Values | Daily Returns |
PARKEN Sport Entertainment vs. BankInvest Value Globale
Performance |
| Timeline |
| PARKEN Sport Enterta |
| BankInvest Value Globale |
PARKEN Sport and BankInvest Value Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PARKEN Sport and BankInvest Value
The main advantage of trading using opposite PARKEN Sport and BankInvest Value positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PARKEN Sport position performs unexpectedly, BankInvest Value 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 BankInvest Value will offset losses from the drop in BankInvest Value's long position.| PARKEN Sport vs. Broendbyernes IF Fodbold | PARKEN Sport vs. Bang Olufsen | PARKEN Sport vs. Matas AS | PARKEN Sport vs. NKT AS |
| BankInvest Value vs. Novo Nordisk AS | BankInvest Value vs. Nordea Bank Abp | BankInvest Value vs. DSV Panalpina AS | BankInvest Value 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |