Correlation Between Solstad Offshore and GOLDMAN
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By analyzing existing cross correlation between Solstad Offshore ASA and GOLDMAN SACHS GROUP, you can compare the effects of market volatilities on Solstad Offshore and GOLDMAN 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 Solstad Offshore with a short position of GOLDMAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solstad Offshore and GOLDMAN.
Diversification Opportunities for Solstad Offshore and GOLDMAN
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Solstad and GOLDMAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Solstad Offshore ASA and GOLDMAN SACHS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GOLDMAN SACHS GROUP and Solstad Offshore 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 Solstad Offshore ASA are associated (or correlated) with GOLDMAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLDMAN SACHS GROUP has no effect on the direction of Solstad Offshore i.e., Solstad Offshore and GOLDMAN go up and down completely randomly.
Pair Corralation between Solstad Offshore and GOLDMAN
If you would invest 309.00 in Solstad Offshore ASA on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Solstad Offshore ASA or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Solstad Offshore ASA vs. GOLDMAN SACHS GROUP
Performance |
| Timeline |
| Solstad Offshore ASA |
| GOLDMAN SACHS GROUP |
Solstad Offshore and GOLDMAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Solstad Offshore and GOLDMAN
The main advantage of trading using opposite Solstad Offshore and GOLDMAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solstad Offshore position performs unexpectedly, GOLDMAN 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 GOLDMAN will offset losses from the drop in GOLDMAN's long position.| Solstad Offshore vs. Hapag Lloyd Aktiengesellschaft | Solstad Offshore vs. AP Mller | Solstad Offshore vs. COSCO SHIPPING Holdings | Solstad Offshore vs. COSCO SHIPPING Holdings |
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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