Correlation Between PARKEN Sport and Handelsinvest Danske
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By analyzing existing cross correlation between PARKEN Sport Entertainment and Handelsinvest Danske Obligationer, you can compare the effects of market volatilities on PARKEN Sport and Handelsinvest Danske 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 Handelsinvest Danske. Check out your portfolio center. Please also check ongoing floating volatility patterns of PARKEN Sport and Handelsinvest Danske.
Diversification Opportunities for PARKEN Sport and Handelsinvest Danske
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between PARKEN and Handelsinvest is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding PARKEN Sport Entertainment and Handelsinvest Danske Obligatio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Handelsinvest Danske 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 Handelsinvest Danske. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Handelsinvest Danske has no effect on the direction of PARKEN Sport i.e., PARKEN Sport and Handelsinvest Danske go up and down completely randomly.
Pair Corralation between PARKEN Sport and Handelsinvest Danske
Assuming the 90 days trading horizon PARKEN Sport Entertainment is expected to generate 17.35 times more return on investment than Handelsinvest Danske. However, PARKEN Sport is 17.35 times more volatile than Handelsinvest Danske Obligationer. It trades about 0.17 of its potential returns per unit of risk. Handelsinvest Danske Obligationer is currently generating about -0.19 per unit of risk. If you would invest 12,750 in PARKEN Sport Entertainment on October 29, 2024 and sell it today you would earn a total of 1,050 from holding PARKEN Sport Entertainment or generate 8.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PARKEN Sport Entertainment vs. Handelsinvest Danske Obligatio
Performance |
| Timeline |
| PARKEN Sport Enterta |
| Handelsinvest Danske |
PARKEN Sport and Handelsinvest Danske Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PARKEN Sport and Handelsinvest Danske
The main advantage of trading using opposite PARKEN Sport and Handelsinvest Danske positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PARKEN Sport position performs unexpectedly, Handelsinvest Danske 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 Handelsinvest Danske will offset losses from the drop in Handelsinvest Danske's long position.| PARKEN Sport vs. Broendbyernes IF Fodbold | PARKEN Sport vs. Bang Olufsen | PARKEN Sport vs. Matas AS | PARKEN Sport vs. NKT AS |
| Handelsinvest Danske vs. Kreditbanken AS | Handelsinvest Danske vs. PARKEN Sport Entertainment | Handelsinvest Danske vs. Nordinvestments AS | Handelsinvest Danske vs. Scandinavian Medical Solutions |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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