Correlation Between Wirtek AS and PF BankNordik
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By analyzing existing cross correlation between Wirtek AS and PF BankNordik, you can compare the effects of market volatilities on Wirtek AS and PF BankNordik 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 Wirtek AS with a short position of PF BankNordik. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wirtek AS and PF BankNordik.
Diversification Opportunities for Wirtek AS and PF BankNordik
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wirtek and BNORDIK-CSE is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Wirtek AS and PF BankNordik in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PF BankNordik and Wirtek AS 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 Wirtek AS are associated (or correlated) with PF BankNordik. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PF BankNordik has no effect on the direction of Wirtek AS i.e., Wirtek AS and PF BankNordik go up and down completely randomly.
Pair Corralation between Wirtek AS and PF BankNordik
Assuming the 90 days trading horizon Wirtek AS is expected to generate 2.63 times more return on investment than PF BankNordik. However, Wirtek AS is 2.63 times more volatile than PF BankNordik. It trades about 0.12 of its potential returns per unit of risk. PF BankNordik is currently generating about -0.18 per unit of risk. If you would invest 934.00 in Wirtek AS on February 8, 2024 and sell it today you would earn a total of 131.00 from holding Wirtek AS or generate 14.03% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Wirtek AS vs. PF BankNordik
Performance |
Timeline |
Wirtek AS |
PF BankNordik |
Wirtek AS and PF BankNordik Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Wirtek AS and PF BankNordik
The main advantage of trading using opposite Wirtek AS and PF BankNordik positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wirtek AS position performs unexpectedly, PF BankNordik 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 PF BankNordik will offset losses from the drop in PF BankNordik's long position.Wirtek AS vs. ChemoMetec AS | Wirtek AS vs. Ambu AS | Wirtek AS vs. Genmab AS | Wirtek AS vs. Zealand Pharma AS |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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