Correlation Between 25160PAE7 and Nicola Mining
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By analyzing existing cross correlation between DEUTSCHE BK AG and Nicola Mining, you can compare the effects of market volatilities on 25160PAE7 and Nicola Mining 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 25160PAE7 with a short position of Nicola Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of 25160PAE7 and Nicola Mining.
Diversification Opportunities for 25160PAE7 and Nicola Mining
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 25160PAE7 and Nicola is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding DEUTSCHE BK AG and Nicola Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nicola Mining and 25160PAE7 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 DEUTSCHE BK AG are associated (or correlated) with Nicola Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nicola Mining has no effect on the direction of 25160PAE7 i.e., 25160PAE7 and Nicola Mining go up and down completely randomly.
Pair Corralation between 25160PAE7 and Nicola Mining
Assuming the 90 days trading horizon DEUTSCHE BK AG is expected to under-perform the Nicola Mining. But the bond apears to be less risky and, when comparing its historical volatility, DEUTSCHE BK AG is 4.09 times less risky than Nicola Mining. The bond trades about -0.18 of its potential returns per unit of risk. The Nicola Mining is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 20.00 in Nicola Mining on November 6, 2024 and sell it today you would earn a total of 0.00 from holding Nicola Mining or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
DEUTSCHE BK AG vs. Nicola Mining
Performance |
| Timeline |
| DEUTSCHE BK AG |
| Nicola Mining |
25160PAE7 and Nicola Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 25160PAE7 and Nicola Mining
The main advantage of trading using opposite 25160PAE7 and Nicola Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 25160PAE7 position performs unexpectedly, Nicola Mining 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 Nicola Mining will offset losses from the drop in Nicola Mining's long position.| 25160PAE7 vs. Wheels Up Experience | 25160PAE7 vs. Nok Airlines Public | 25160PAE7 vs. SkyWest | 25160PAE7 vs. Mesa Air Group |
| Nicola Mining vs. Hannan Metals | Nicola Mining vs. Atco Mining | Nicola Mining vs. Leading Edge Materials | Nicola Mining vs. Arianne Phosphate |
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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