Correlation Between TROPHY GAMES and Jyske Invest
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By analyzing existing cross correlation between TROPHY GAMES Development and Jyske Invest Nye, you can compare the effects of market volatilities on TROPHY GAMES and Jyske 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 TROPHY GAMES with a short position of Jyske Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of TROPHY GAMES and Jyske Invest.
Diversification Opportunities for TROPHY GAMES and Jyske Invest
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between TROPHY and Jyske is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding TROPHY GAMES Development and Jyske Invest Nye in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jyske Invest Nye and TROPHY GAMES 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 TROPHY GAMES Development are associated (or correlated) with Jyske Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jyske Invest Nye has no effect on the direction of TROPHY GAMES i.e., TROPHY GAMES and Jyske Invest go up and down completely randomly.
Pair Corralation between TROPHY GAMES and Jyske Invest
Assuming the 90 days trading horizon TROPHY GAMES Development is expected to under-perform the Jyske Invest. In addition to that, TROPHY GAMES is 1.57 times more volatile than Jyske Invest Nye. It trades about -0.18 of its total potential returns per unit of risk. Jyske Invest Nye is currently generating about -0.06 per unit of volatility. If you would invest 28,380 in Jyske Invest Nye on August 26, 2024 and sell it today you would lose (470.00) from holding Jyske Invest Nye or give up 1.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TROPHY GAMES Development vs. Jyske Invest Nye
Performance |
| Timeline |
| TROPHY GAMES Development |
| Jyske Invest Nye |
TROPHY GAMES and Jyske Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TROPHY GAMES and Jyske Invest
The main advantage of trading using opposite TROPHY GAMES and Jyske Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TROPHY GAMES position performs unexpectedly, Jyske 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 Jyske Invest will offset losses from the drop in Jyske Invest's long position.| TROPHY GAMES vs. North Media AS | TROPHY GAMES vs. Bactiquant AS | TROPHY GAMES vs. FOM Technologies AS | TROPHY GAMES vs. MapsPeople AS |
| Jyske Invest vs. Sydbank AS | Jyske Invest vs. North Media AS | Jyske Invest vs. Nordinvestments AS | Jyske Invest vs. TROPHY GAMES Development |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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