Correlation Between Pandora AS and LUXOR-B
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pandora AS and Investeringsselskabet Luxor AS, you can compare the effects of market volatilities on Pandora AS and LUXOR-B 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 Pandora AS with a short position of LUXOR-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pandora AS and LUXOR-B.
Diversification Opportunities for Pandora AS and LUXOR-B
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pandora and LUXOR-B is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Pandora AS and Investeringsselskabet Luxor AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsselskabet and Pandora AS 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 Pandora AS are associated (or correlated) with LUXOR-B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Investeringsselskabet has no effect on the direction of Pandora AS i.e., Pandora AS and LUXOR-B go up and down completely randomly.
Pair Corralation between Pandora AS and LUXOR-B
Assuming the 90 days trading horizon Pandora AS is expected to generate 0.66 times more return on investment than LUXOR-B. However, Pandora AS is 1.51 times less risky than LUXOR-B. It trades about 0.21 of its potential returns per unit of risk. Investeringsselskabet Luxor AS is currently generating about -0.07 per unit of risk. If you would invest 104,850 in Pandora AS on August 29, 2024 and sell it today you would earn a total of 6,850 from holding Pandora AS or generate 6.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Pandora AS vs. Investeringsselskabet Luxor AS
Performance |
| Timeline |
| Pandora AS |
| Investeringsselskabet |
Pandora AS and LUXOR-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pandora AS and LUXOR-B
The main advantage of trading using opposite Pandora AS and LUXOR-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pandora AS position performs unexpectedly, LUXOR-B 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 LUXOR-B will offset losses from the drop in LUXOR-B's long position.| Pandora AS vs. Broendbyernes IF Fodbold | Pandora AS vs. Bang Olufsen | Pandora AS vs. Matas AS | Pandora AS vs. NKT AS |
| LUXOR-B vs. Skjern Bank AS | LUXOR-B vs. Groenlandsbanken AS | LUXOR-B vs. Fynske Bank AS | LUXOR-B vs. Lollands Bank |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |