Correlation Between Austevoll Seafood and PACIFIC ONLINE
Can any of the company-specific risk be diversified away by investing in both Austevoll Seafood and PACIFIC ONLINE at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Austevoll Seafood and PACIFIC ONLINE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Austevoll Seafood ASA and PACIFIC ONLINE, you can compare the effects of market volatilities on Austevoll Seafood and PACIFIC ONLINE 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 Austevoll Seafood with a short position of PACIFIC ONLINE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Austevoll Seafood and PACIFIC ONLINE.
Diversification Opportunities for Austevoll Seafood and PACIFIC ONLINE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Austevoll and PACIFIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Austevoll Seafood ASA and PACIFIC ONLINE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PACIFIC ONLINE and Austevoll Seafood 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 Austevoll Seafood ASA are associated (or correlated) with PACIFIC ONLINE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PACIFIC ONLINE has no effect on the direction of Austevoll Seafood i.e., Austevoll Seafood and PACIFIC ONLINE go up and down completely randomly.
Pair Corralation between Austevoll Seafood and PACIFIC ONLINE
If you would invest 815.00 in Austevoll Seafood ASA on October 18, 2024 and sell it today you would lose (5.00) from holding Austevoll Seafood ASA or give up 0.61% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Austevoll Seafood ASA vs. PACIFIC ONLINE
Performance |
| Timeline |
| Austevoll Seafood ASA |
| PACIFIC ONLINE |
Austevoll Seafood and PACIFIC ONLINE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Austevoll Seafood and PACIFIC ONLINE
The main advantage of trading using opposite Austevoll Seafood and PACIFIC ONLINE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Austevoll Seafood position performs unexpectedly, PACIFIC ONLINE 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 PACIFIC ONLINE will offset losses from the drop in PACIFIC ONLINE's long position.| Austevoll Seafood vs. SOLSTAD OFFSHORE NK | Austevoll Seafood vs. BW OFFSHORE LTD | Austevoll Seafood vs. Urban Outfitters | Austevoll Seafood vs. OFFICE DEPOT |
| PACIFIC ONLINE vs. PSI Software AG | PACIFIC ONLINE vs. MAGIC SOFTWARE ENTR | PACIFIC ONLINE vs. PLANT VEDA FOODS | PACIFIC ONLINE vs. VARIOUS EATERIES LS |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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