Correlation Between Scandinavian Medical and Nordea Invest
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By analyzing existing cross correlation between Scandinavian Medical Solutions and Nordea Invest Danske, you can compare the effects of market volatilities on Scandinavian Medical and Nordea 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 Scandinavian Medical with a short position of Nordea Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scandinavian Medical and Nordea Invest.
Diversification Opportunities for Scandinavian Medical and Nordea Invest
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Scandinavian and Nordea is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Scandinavian Medical Solutions and Nordea Invest Danske in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Danske and Scandinavian Medical 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 Scandinavian Medical Solutions are associated (or correlated) with Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Danske has no effect on the direction of Scandinavian Medical i.e., Scandinavian Medical and Nordea Invest go up and down completely randomly.
Pair Corralation between Scandinavian Medical and Nordea Invest
Assuming the 90 days trading horizon Scandinavian Medical Solutions is expected to under-perform the Nordea Invest. In addition to that, Scandinavian Medical is 3.42 times more volatile than Nordea Invest Danske. It trades about 0.0 of its total potential returns per unit of risk. Nordea Invest Danske is currently generating about 0.01 per unit of volatility. If you would invest 17,800 in Nordea Invest Danske on September 21, 2024 and sell it today you would earn a total of 135.00 from holding Nordea Invest Danske or generate 0.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Scandinavian Medical Solutions vs. Nordea Invest Danske
Performance |
| Timeline |
| Scandinavian Medical |
| Nordea Invest Danske |
Scandinavian Medical and Nordea Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Scandinavian Medical and Nordea Invest
The main advantage of trading using opposite Scandinavian Medical and Nordea Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scandinavian Medical position performs unexpectedly, Nordea 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 Nordea Invest will offset losses from the drop in Nordea Invest's long position.| Scandinavian Medical vs. Novo Nordisk AS | Scandinavian Medical vs. Nordea Bank Abp | Scandinavian Medical vs. DSV Panalpina AS | Scandinavian Medical vs. AP Mller |
| Nordea Invest vs. Nordfyns Bank AS | Nordea Invest vs. Embla Medical hf | Nordea Invest vs. Scandinavian Medical Solutions | Nordea Invest vs. North Media AS |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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