Correlation Between SalMar ASA and Andfjord Salmon
Can any of the company-specific risk be diversified away by investing in both SalMar ASA and Andfjord Salmon at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SalMar ASA and Andfjord Salmon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SalMar ASA and Andfjord Salmon AS, you can compare the effects of market volatilities on SalMar ASA and Andfjord Salmon 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 SalMar ASA with a short position of Andfjord Salmon. Check out your portfolio center. Please also check ongoing floating volatility patterns of SalMar ASA and Andfjord Salmon.
Diversification Opportunities for SalMar ASA and Andfjord Salmon
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SalMar and Andfjord is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SalMar ASA and Andfjord Salmon AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Andfjord Salmon AS and SalMar ASA 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 SalMar ASA are associated (or correlated) with Andfjord Salmon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Andfjord Salmon AS has no effect on the direction of SalMar ASA i.e., SalMar ASA and Andfjord Salmon go up and down completely randomly.
Pair Corralation between SalMar ASA and Andfjord Salmon
If you would invest 0.00 in Andfjord Salmon AS on September 19, 2024 and sell it today you would earn a total of 0.00 from holding Andfjord Salmon AS or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
SalMar ASA vs. Andfjord Salmon AS
Performance |
| Timeline |
| SalMar ASA |
| Andfjord Salmon AS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
SalMar ASA and Andfjord Salmon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SalMar ASA and Andfjord Salmon
The main advantage of trading using opposite SalMar ASA and Andfjord Salmon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SalMar ASA position performs unexpectedly, Andfjord Salmon 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 Andfjord Salmon will offset losses from the drop in Andfjord Salmon's long position.| SalMar ASA vs. Grieg Seafood ASA | SalMar ASA vs. Austevoll Seafood ASA | SalMar ASA vs. Mowi ASA | SalMar ASA vs. Pf Bakkafrost |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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