Correlation Between BankInvest Danske and Genmab AS
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By analyzing existing cross correlation between BankInvest Danske and Genmab AS, you can compare the effects of market volatilities on BankInvest Danske and Genmab AS 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 BankInvest Danske with a short position of Genmab AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of BankInvest Danske and Genmab AS.
Diversification Opportunities for BankInvest Danske and Genmab AS
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BankInvest and Genmab is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding BankInvest Danske and Genmab AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genmab AS and BankInvest Danske 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 BankInvest Danske are associated (or correlated) with Genmab AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genmab AS has no effect on the direction of BankInvest Danske i.e., BankInvest Danske and Genmab AS go up and down completely randomly.
Pair Corralation between BankInvest Danske and Genmab AS
Assuming the 90 days trading horizon BankInvest Danske is expected to under-perform the Genmab AS. But the fund apears to be less risky and, when comparing its historical volatility, BankInvest Danske is 2.88 times less risky than Genmab AS. The fund trades about -0.14 of its potential returns per unit of risk. The Genmab AS is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 204,300 in Genmab AS on January 18, 2024 and sell it today you would earn a total of 1,500 from holding Genmab AS or generate 0.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
BankInvest Danske vs. Genmab AS
Performance |
| Timeline |
| BankInvest Danske |
| Genmab AS |
BankInvest Danske and Genmab AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BankInvest Danske and Genmab AS
The main advantage of trading using opposite BankInvest Danske and Genmab AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BankInvest Danske position performs unexpectedly, Genmab AS 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 Genmab AS will offset losses from the drop in Genmab AS's long position.| BankInvest Danske vs. Jyske Invest Nye | BankInvest Danske vs. Jyske Invest Hjt | BankInvest Danske vs. Jyske Invest Lange |
| Genmab AS vs. Vestas Wind Systems | Genmab AS vs. Danske Bank AS | Genmab AS vs. Bavarian Nordic | Genmab AS vs. DSV Panalpina AS |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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