Correlation Between Solstad Offshore and MYLAN
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By analyzing existing cross correlation between Solstad Offshore ASA and MYLAN N V, you can compare the effects of market volatilities on Solstad Offshore and MYLAN 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 MYLAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solstad Offshore and MYLAN.
Diversification Opportunities for Solstad Offshore and MYLAN
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Solstad and MYLAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Solstad Offshore ASA and MYLAN N V in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MYLAN N V 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 MYLAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MYLAN N V has no effect on the direction of Solstad Offshore i.e., Solstad Offshore and MYLAN go up and down completely randomly.
Pair Corralation between Solstad Offshore and MYLAN
If you would invest 8,226 in MYLAN N V on September 3, 2024 and sell it today you would earn a total of 262.00 from holding MYLAN N V or generate 3.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.32% |
| Values | Daily Returns |
Solstad Offshore ASA vs. MYLAN N V
Performance |
| Timeline |
| Solstad Offshore ASA |
| MYLAN N V |
Solstad Offshore and MYLAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Solstad Offshore and MYLAN
The main advantage of trading using opposite Solstad Offshore and MYLAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solstad Offshore position performs unexpectedly, MYLAN 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 MYLAN will offset losses from the drop in MYLAN'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 |
| MYLAN vs. IPG Photonics | MYLAN vs. ASE Industrial Holding | MYLAN vs. Elmos Semiconductor SE | MYLAN vs. Solstad Offshore ASA |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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