Correlation Between Austevoll Seafood and Marie Brizard
Can any of the company-specific risk be diversified away by investing in both Austevoll Seafood and Marie Brizard 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 Marie Brizard 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 Marie Brizard Wine, you can compare the effects of market volatilities on Austevoll Seafood and Marie Brizard 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 Marie Brizard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Austevoll Seafood and Marie Brizard.
Diversification Opportunities for Austevoll Seafood and Marie Brizard
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Austevoll and Marie is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Austevoll Seafood ASA and Marie Brizard Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marie Brizard Wine 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 Marie Brizard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marie Brizard Wine has no effect on the direction of Austevoll Seafood i.e., Austevoll Seafood and Marie Brizard go up and down completely randomly.
Pair Corralation between Austevoll Seafood and Marie Brizard
Assuming the 90 days horizon Austevoll Seafood ASA is expected to generate 1.16 times more return on investment than Marie Brizard. However, Austevoll Seafood is 1.16 times more volatile than Marie Brizard Wine. It trades about -0.01 of its potential returns per unit of risk. Marie Brizard Wine is currently generating about -0.23 per unit of risk. If you would invest 914.00 in Austevoll Seafood ASA on December 1, 2024 and sell it today you would lose (9.00) from holding Austevoll Seafood ASA or give up 0.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Austevoll Seafood ASA vs. Marie Brizard Wine
Performance |
| Timeline |
| Austevoll Seafood ASA |
| Marie Brizard Wine |
Austevoll Seafood and Marie Brizard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Austevoll Seafood and Marie Brizard
The main advantage of trading using opposite Austevoll Seafood and Marie Brizard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Austevoll Seafood position performs unexpectedly, Marie Brizard 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 Marie Brizard will offset losses from the drop in Marie Brizard's long position.| Austevoll Seafood vs. Platinum Investment Management | Austevoll Seafood vs. Mobilezone Holding AG | Austevoll Seafood vs. Cleanaway Waste Management | Austevoll Seafood vs. FIH MOBILE |
| Marie Brizard vs. AUST AGRICULTURAL | Marie Brizard vs. Titan Machinery | Marie Brizard vs. Tradegate AG Wertpapierhandelsbank | Marie Brizard vs. Australian Agricultural |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |