Correlation Between Viafin Service and Kempower Oyj
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By analyzing existing cross correlation between Viafin Service Oyj and Kempower Oyj, you can compare the effects of market volatilities on Viafin Service and Kempower 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 Viafin Service with a short position of Kempower Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viafin Service and Kempower Oyj.
Diversification Opportunities for Viafin Service and Kempower Oyj
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Viafin and Kempower is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding Viafin Service Oyj and Kempower Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kempower Oyj and Viafin Service 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 Viafin Service Oyj are associated (or correlated) with Kempower Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kempower Oyj has no effect on the direction of Viafin Service i.e., Viafin Service and Kempower Oyj go up and down completely randomly.
Pair Corralation between Viafin Service and Kempower Oyj
Assuming the 90 days trading horizon Viafin Service Oyj is expected to generate 0.53 times more return on investment than Kempower Oyj. However, Viafin Service Oyj is 1.89 times less risky than Kempower Oyj. It trades about 0.18 of its potential returns per unit of risk. Kempower Oyj is currently generating about -0.2 per unit of risk. If you would invest 1,820 in Viafin Service Oyj on August 29, 2024 and sell it today you would earn a total of 110.00 from holding Viafin Service Oyj or generate 6.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viafin Service Oyj vs. Kempower Oyj
Performance |
| Timeline |
| Viafin Service Oyj |
| Kempower Oyj |
Viafin Service and Kempower Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viafin Service and Kempower Oyj
The main advantage of trading using opposite Viafin Service and Kempower Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viafin Service position performs unexpectedly, Kempower 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 Kempower Oyj will offset losses from the drop in Kempower Oyj's long position.| Viafin Service vs. Elecster Oyj A | Viafin Service vs. Vaisala Oyj A | Viafin Service vs. CapMan Oyj B | Viafin Service vs. HKFoods Oyj A |
| Kempower Oyj vs. Oma Saastopankki Oyj | Kempower Oyj vs. Tecnotree Oyj | Kempower Oyj vs. Tokmanni Group Oyj | Kempower Oyj vs. Vaisala Oyj A |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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