Correlation Between EQUINOR and Under Armour
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By analyzing existing cross correlation between EQUINOR ASA and Under Armour C, you can compare the effects of market volatilities on EQUINOR and Under Armour 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 EQUINOR with a short position of Under Armour. Check out your portfolio center. Please also check ongoing floating volatility patterns of EQUINOR and Under Armour.
Diversification Opportunities for EQUINOR and Under Armour
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EQUINOR and Under is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding EQUINOR ASA and Under Armour C in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Under Armour C and EQUINOR 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 EQUINOR ASA are associated (or correlated) with Under Armour. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Under Armour C has no effect on the direction of EQUINOR i.e., EQUINOR and Under Armour go up and down completely randomly.
Pair Corralation between EQUINOR and Under Armour
Assuming the 90 days trading horizon EQUINOR ASA is expected to under-perform the Under Armour. But the bond apears to be less risky and, when comparing its historical volatility, EQUINOR ASA is 3.43 times less risky than Under Armour. The bond trades about -0.04 of its potential returns per unit of risk. The Under Armour C is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 681.00 in Under Armour C on September 2, 2024 and sell it today you would earn a total of 196.00 from holding Under Armour C or generate 28.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 78.57% |
| Values | Daily Returns |
EQUINOR ASA vs. Under Armour C
Performance |
| Timeline |
| EQUINOR ASA |
| Under Armour C |
EQUINOR and Under Armour Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EQUINOR and Under Armour
The main advantage of trading using opposite EQUINOR and Under Armour positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EQUINOR position performs unexpectedly, Under Armour 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 Under Armour will offset losses from the drop in Under Armour's long position.| EQUINOR vs. Cleantech Power Corp | EQUINOR vs. Under Armour C | EQUINOR vs. Logan Ridge Finance | EQUINOR vs. Verde Clean Fuels |
| Under Armour vs. Levi Strauss Co | Under Armour vs. Columbia Sportswear | Under Armour vs. Hanesbrands | Under Armour vs. PVH Corp |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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