Correlation Between Partnera Oyj and CapMan Oyj
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By analyzing existing cross correlation between Partnera Oyj and CapMan Oyj B, you can compare the effects of market volatilities on Partnera Oyj and CapMan Oyj 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 Partnera Oyj with a short position of CapMan Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Partnera Oyj and CapMan Oyj.
Diversification Opportunities for Partnera Oyj and CapMan Oyj
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Partnera and CapMan is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Partnera Oyj and CapMan Oyj B in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CapMan Oyj B and Partnera Oyj 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 Partnera Oyj are associated (or correlated) with CapMan Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CapMan Oyj B has no effect on the direction of Partnera Oyj i.e., Partnera Oyj and CapMan Oyj go up and down completely randomly.
Pair Corralation between Partnera Oyj and CapMan Oyj
Assuming the 90 days trading horizon Partnera Oyj is expected to generate 1.61 times more return on investment than CapMan Oyj. However, Partnera Oyj is 1.61 times more volatile than CapMan Oyj B. It trades about 0.01 of its potential returns per unit of risk. CapMan Oyj B is currently generating about -0.03 per unit of risk. If you would invest 70.00 in Partnera Oyj on August 23, 2024 and sell it today you would earn a total of 0.00 from holding Partnera Oyj or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Partnera Oyj vs. CapMan Oyj B
Performance |
| Timeline |
| Partnera Oyj |
| CapMan Oyj B |
Partnera Oyj and CapMan Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Partnera Oyj and CapMan Oyj
The main advantage of trading using opposite Partnera Oyj and CapMan Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Partnera Oyj position performs unexpectedly, CapMan Oyj 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 CapMan Oyj will offset losses from the drop in CapMan Oyj's long position.| Partnera Oyj vs. Vincit Group Oyj | Partnera Oyj vs. Solteq PLC | Partnera Oyj vs. Tokmanni Group Oyj | Partnera Oyj vs. Vaisala Oyj A |
| CapMan Oyj vs. Alandsbanken Abp A | CapMan Oyj vs. Sampo Oyj A | CapMan Oyj vs. Finnair Oyj | CapMan Oyj vs. KONE Oyj |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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