Correlation Between Orderyoyo and Maj Invest
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By analyzing existing cross correlation between Orderyoyo AS and Maj Invest Glob, you can compare the effects of market volatilities on Orderyoyo and Maj Invest 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 Orderyoyo with a short position of Maj Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orderyoyo and Maj Invest.
Diversification Opportunities for Orderyoyo and Maj Invest
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Orderyoyo and Maj is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Orderyoyo AS and Maj Invest Glob in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maj Invest Glob and Orderyoyo 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 Orderyoyo AS are associated (or correlated) with Maj Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maj Invest Glob has no effect on the direction of Orderyoyo i.e., Orderyoyo and Maj Invest go up and down completely randomly.
Pair Corralation between Orderyoyo and Maj Invest
Assuming the 90 days trading horizon Orderyoyo is expected to generate 1.38 times less return on investment than Maj Invest. In addition to that, Orderyoyo is 4.7 times more volatile than Maj Invest Glob. It trades about 0.02 of its total potential returns per unit of risk. Maj Invest Glob is currently generating about 0.12 per unit of volatility. If you would invest 11,670 in Maj Invest Glob on August 29, 2024 and sell it today you would earn a total of 2,555 from holding Maj Invest Glob or generate 21.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.52% |
| Values | Daily Returns |
Orderyoyo AS vs. Maj Invest Glob
Performance |
| Timeline |
| Orderyoyo AS |
| Maj Invest Glob |
Orderyoyo and Maj Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orderyoyo and Maj Invest
The main advantage of trading using opposite Orderyoyo and Maj Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orderyoyo position performs unexpectedly, Maj Invest 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 Maj Invest will offset losses from the drop in Maj Invest's long position.| Orderyoyo vs. Penneo AS | Orderyoyo vs. cBrain AS | Orderyoyo vs. FOM Technologies AS | Orderyoyo vs. North Media AS |
| Maj Invest vs. Jyske Bank AS | Maj Invest vs. Strategic Investments AS | Maj Invest vs. PARKEN Sport Entertainment | Maj Invest vs. BankIn Bredygt Klimaakt |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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