Correlation Between 279158AJ8 and Hafnia
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By analyzing existing cross correlation between ECOPETROL S A and Hafnia Limited, you can compare the effects of market volatilities on 279158AJ8 and Hafnia 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 279158AJ8 with a short position of Hafnia. Check out your portfolio center. Please also check ongoing floating volatility patterns of 279158AJ8 and Hafnia.
Diversification Opportunities for 279158AJ8 and Hafnia
Very good diversification
The 3 months correlation between 279158AJ8 and Hafnia is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding ECOPETROL S A and Hafnia Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hafnia Limited and 279158AJ8 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 ECOPETROL S A are associated (or correlated) with Hafnia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hafnia Limited has no effect on the direction of 279158AJ8 i.e., 279158AJ8 and Hafnia go up and down completely randomly.
Pair Corralation between 279158AJ8 and Hafnia
Assuming the 90 days trading horizon 279158AJ8 is expected to generate 2.67 times less return on investment than Hafnia. But when comparing it to its historical volatility, ECOPETROL S A is 1.26 times less risky than Hafnia. It trades about 0.01 of its potential returns per unit of risk. Hafnia Limited is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 422.00 in Hafnia Limited on November 27, 2024 and sell it today you would earn a total of 76.00 from holding Hafnia Limited or generate 18.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.77% |
| Values | Daily Returns |
ECOPETROL S A vs. Hafnia Limited
Performance |
| Timeline |
| ECOPETROL S A |
| Hafnia Limited |
279158AJ8 and Hafnia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 279158AJ8 and Hafnia
The main advantage of trading using opposite 279158AJ8 and Hafnia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 279158AJ8 position performs unexpectedly, Hafnia 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 Hafnia will offset losses from the drop in Hafnia's long position.| 279158AJ8 vs. FS KKR Capital | 279158AJ8 vs. Western Digital | 279158AJ8 vs. SLR Investment Corp | 279158AJ8 vs. Allient |
| Hafnia vs. Addus HomeCare | Hafnia vs. Zoom Video Communications | Hafnia vs. Enlight Renewable Energy | Hafnia vs. Live Ventures |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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