Correlation Between SKAKO AS and LUXOR-B
Specify exactly 2 symbols:
By analyzing existing cross correlation between SKAKO AS and Investeringsselskabet Luxor AS, you can compare the effects of market volatilities on SKAKO 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 SKAKO AS with a short position of LUXOR-B. Check out your portfolio center. Please also check ongoing floating volatility patterns of SKAKO AS and LUXOR-B.
Diversification Opportunities for SKAKO AS and LUXOR-B
Very weak diversification
The 3 months correlation between SKAKO and LUXOR-B is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding SKAKO AS and Investeringsselskabet Luxor AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsselskabet and SKAKO 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 SKAKO 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 SKAKO AS i.e., SKAKO AS and LUXOR-B go up and down completely randomly.
Pair Corralation between SKAKO AS and LUXOR-B
Assuming the 90 days trading horizon SKAKO AS is expected to generate 0.25 times more return on investment than LUXOR-B. However, SKAKO AS is 4.0 times less risky than LUXOR-B. It trades about -0.07 of its potential returns per unit of risk. Investeringsselskabet Luxor AS is currently generating about -0.29 per unit of risk. If you would invest 8,480 in SKAKO AS on November 27, 2024 and sell it today you would lose (120.00) from holding SKAKO AS or give up 1.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SKAKO AS vs. Investeringsselskabet Luxor AS
Performance |
| Timeline |
| SKAKO AS |
| Investeringsselskabet |
SKAKO AS and LUXOR-B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SKAKO AS and LUXOR-B
The main advantage of trading using opposite SKAKO AS and LUXOR-B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SKAKO 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.| SKAKO AS vs. North Media AS | SKAKO AS vs. HH International AS | SKAKO AS vs. Per Aarsleff Holding | SKAKO AS vs. First Farms 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |