Correlation Between Shape Robotics and Danske Invest
Can any of the company-specific risk be diversified away by investing in both Shape Robotics and Danske Invest 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 Shape Robotics and Danske Invest into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shape Robotics AS and Danske Invest , you can compare the effects of market volatilities on Shape Robotics and Danske Invest 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 Shape Robotics with a short position of Danske Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shape Robotics and Danske Invest.
Diversification Opportunities for Shape Robotics and Danske Invest
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shape and Danske is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Shape Robotics AS and Danske Invest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Danske Invest and Shape Robotics 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 Shape Robotics AS are associated (or correlated) with Danske Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Danske Invest has no effect on the direction of Shape Robotics i.e., Shape Robotics and Danske Invest go up and down completely randomly.
Pair Corralation between Shape Robotics and Danske Invest
Assuming the 90 days trading horizon Shape Robotics AS is expected to under-perform the Danske Invest. In addition to that, Shape Robotics is 50.54 times more volatile than Danske Invest . It trades about -0.05 of its total potential returns per unit of risk. Danske Invest is currently generating about 0.28 per unit of volatility. If you would invest 9,082 in Danske Invest on September 3, 2024 and sell it today you would earn a total of 361.00 from holding Danske Invest or generate 3.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shape Robotics AS vs. Danske Invest
Performance |
| Timeline |
| Shape Robotics AS |
| Danske Invest |
Shape Robotics and Danske Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shape Robotics and Danske Invest
The main advantage of trading using opposite Shape Robotics and Danske Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shape Robotics position performs unexpectedly, Danske Invest 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 Danske Invest will offset losses from the drop in Danske Invest's long position.| Shape Robotics vs. cBrain AS | Shape Robotics vs. FOM Technologies AS | Shape Robotics vs. ChemoMetec AS | Shape Robotics vs. BioPorto |
| Danske Invest vs. Kreditbanken AS | Danske Invest vs. PARKEN Sport Entertainment | Danske Invest vs. Prime Office AS | Danske Invest vs. Djurslands 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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