Correlation Between Sampo Oyj and Partnera Oyj
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sampo Oyj A and Partnera Oyj, you can compare the effects of market volatilities on Sampo Oyj and Partnera 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 Sampo Oyj with a short position of Partnera Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sampo Oyj and Partnera Oyj.
Diversification Opportunities for Sampo Oyj and Partnera Oyj
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sampo and Partnera is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Sampo Oyj A and Partnera Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Partnera Oyj and Sampo 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 Sampo Oyj A are associated (or correlated) with Partnera Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Partnera Oyj has no effect on the direction of Sampo Oyj i.e., Sampo Oyj and Partnera Oyj go up and down completely randomly.
Pair Corralation between Sampo Oyj and Partnera Oyj
Assuming the 90 days trading horizon Sampo Oyj A is expected to under-perform the Partnera Oyj. But the stock apears to be less risky and, when comparing its historical volatility, Sampo Oyj A is 6.46 times less risky than Partnera Oyj. The stock trades about -0.16 of its potential returns per unit of risk. The Partnera Oyj is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 68.00 in Partnera Oyj on August 27, 2024 and sell it today you would earn a total of 4.00 from holding Partnera Oyj or generate 5.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sampo Oyj A vs. Partnera Oyj
Performance |
| Timeline |
| Sampo Oyj A |
| Partnera Oyj |
Sampo Oyj and Partnera Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sampo Oyj and Partnera Oyj
The main advantage of trading using opposite Sampo Oyj and Partnera Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sampo Oyj position performs unexpectedly, Partnera 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 Partnera Oyj will offset losses from the drop in Partnera Oyj's long position.| Sampo Oyj vs. Nordea Bank Abp | Sampo Oyj vs. Fortum Oyj | Sampo Oyj vs. UPM Kymmene Oyj | Sampo Oyj vs. Neste Oil Oyj |
| Partnera Oyj vs. Vincit Group Oyj | Partnera Oyj vs. Verkkokauppa Oyj | Partnera Oyj vs. Solteq PLC | Partnera Oyj vs. Tokmanni Group 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |