Correlation Between Aqr Long and DNB ASA
Can any of the company-specific risk be diversified away by investing in both Aqr Long and DNB ASA 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 Aqr Long and DNB ASA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aqr Long Short Equity and DNB ASA, you can compare the effects of market volatilities on Aqr Long and DNB ASA 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 Aqr Long with a short position of DNB ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aqr Long and DNB ASA.
Diversification Opportunities for Aqr Long and DNB ASA
Pay attention - limited upside
The 3 months correlation between Aqr and DNB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aqr Long Short Equity and DNB ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DNB ASA and Aqr Long 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 Aqr Long Short Equity are associated (or correlated) with DNB ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DNB ASA has no effect on the direction of Aqr Long i.e., Aqr Long and DNB ASA go up and down completely randomly.
Pair Corralation between Aqr Long and DNB ASA
If you would invest 1,471 in Aqr Long Short Equity on January 26, 2024 and sell it today you would earn a total of 19.00 from holding Aqr Long Short Equity or generate 1.29% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Aqr Long Short Equity vs. DNB ASA
Performance |
Timeline |
Aqr Long Short |
DNB ASA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aqr Long and DNB ASA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Aqr Long and DNB ASA
The main advantage of trading using opposite Aqr Long and DNB ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aqr Long position performs unexpectedly, DNB ASA 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 DNB ASA will offset losses from the drop in DNB ASA's long position.Aqr Long vs. Qs Global Equity | Aqr Long vs. Ab Global Risk | Aqr Long vs. Ab Global Real | Aqr Long vs. Franklin Mutual Global |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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