Correlation Between Viaplay Group and Nordea Bank
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By analyzing existing cross correlation between Viaplay Group AB and Nordea Bank Abp, you can compare the effects of market volatilities on Viaplay Group and Nordea Bank 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 Viaplay Group with a short position of Nordea Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Viaplay Group and Nordea Bank.
Diversification Opportunities for Viaplay Group and Nordea Bank
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Viaplay and Nordea is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Viaplay Group AB and Nordea Bank Abp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Bank Abp and Viaplay Group 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 Viaplay Group AB are associated (or correlated) with Nordea Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Bank Abp has no effect on the direction of Viaplay Group i.e., Viaplay Group and Nordea Bank go up and down completely randomly.
Pair Corralation between Viaplay Group and Nordea Bank
Assuming the 90 days trading horizon Viaplay Group AB is expected to under-perform the Nordea Bank. In addition to that, Viaplay Group is 2.78 times more volatile than Nordea Bank Abp. It trades about -0.18 of its total potential returns per unit of risk. Nordea Bank Abp is currently generating about 0.34 per unit of volatility. If you would invest 12,210 in Nordea Bank Abp on November 3, 2024 and sell it today you would earn a total of 975.00 from holding Nordea Bank Abp or generate 7.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Viaplay Group AB vs. Nordea Bank Abp
Performance |
| Timeline |
| Viaplay Group AB |
| Nordea Bank Abp |
Viaplay Group and Nordea Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Viaplay Group and Nordea Bank
The main advantage of trading using opposite Viaplay Group and Nordea Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Viaplay Group position performs unexpectedly, Nordea Bank 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 Nordea Bank will offset losses from the drop in Nordea Bank's long position.| Viaplay Group vs. Truecaller AB | Viaplay Group vs. Modern Times Group | Viaplay Group vs. Millicom International Cellular | Viaplay Group vs. Tele2 AB |
| Nordea Bank vs. TF Bank AB | Nordea Bank vs. Catena Media plc | Nordea Bank vs. Arion banki hf | Nordea Bank vs. Investment AB Oresund |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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