Correlation Between United Bankers and Inderes Oyj
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By analyzing existing cross correlation between United Bankers Oyj and Inderes Oyj, you can compare the effects of market volatilities on United Bankers and Inderes Oyj 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 United Bankers with a short position of Inderes Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Bankers and Inderes Oyj.
Diversification Opportunities for United Bankers and Inderes Oyj
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between United and Inderes is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding United Bankers Oyj and Inderes Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inderes Oyj and United Bankers 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 United Bankers Oyj are associated (or correlated) with Inderes Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inderes Oyj has no effect on the direction of United Bankers i.e., United Bankers and Inderes Oyj go up and down completely randomly.
Pair Corralation between United Bankers and Inderes Oyj
Assuming the 90 days trading horizon United Bankers Oyj is expected to generate 0.88 times more return on investment than Inderes Oyj. However, United Bankers Oyj is 1.14 times less risky than Inderes Oyj. It trades about 0.05 of its potential returns per unit of risk. Inderes Oyj is currently generating about -0.02 per unit of risk. If you would invest 1,217 in United Bankers Oyj on September 3, 2024 and sell it today you would earn a total of 618.00 from holding United Bankers Oyj or generate 50.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
United Bankers Oyj vs. Inderes Oyj
Performance |
| Timeline |
| United Bankers Oyj |
| Inderes Oyj |
United Bankers and Inderes Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with United Bankers and Inderes Oyj
The main advantage of trading using opposite United Bankers and Inderes Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Bankers position performs unexpectedly, Inderes Oyj 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 Inderes Oyj will offset losses from the drop in Inderes Oyj's long position.| United Bankers vs. CapMan Oyj B | United Bankers vs. HKFoods Oyj A | United Bankers vs. KONE Oyj | United Bankers vs. Solteq PLC |
| Inderes Oyj vs. United Bankers Oyj | Inderes Oyj vs. CapMan Oyj B | Inderes Oyj vs. HKFoods Oyj A | Inderes Oyj vs. KONE Oyj |
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 CEOs Directory module to screen CEOs from public companies around the world.
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