Correlation Between Bang Olufsen and Target

By analyzing existing cross correlation between Bang Olufsen Holding and Target you can compare the effects of market volatilities on Bang Olufsen and Target 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 Bang Olufsen with a short position of Target. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bang Olufsen and Target.

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Can any of the company-specific risk be diversified away by investing in both Bang Olufsen and Target at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing Bang Olufsen and Target into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for Bang Olufsen and Target

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Correlation
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Pay attention - limited upside

The 3 months correlation between Bang Olufsen and Target is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bang Olufsen Holding AS and Target Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Target and Bang Olufsen 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 Bang Olufsen Holding are associated (or correlated) with Target. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Target has no effect on the direction of Bang Olufsen i.e. Bang Olufsen and Target go up and down completely randomly.

Pair Corralation between Bang Olufsen and Target

If you would invest  10,906  in Target on April 29, 2020 and sell it today you would earn a total of  1,327  from holding Target or generate 12.17% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Bang Olufsen Holding AS  vs.  Target Corp.

 Performance (%) 
      Timeline 
Bang Olufsen Holding 
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Bang Olufsen Risk-Adjusted Performance

Over the last 30 days Bang Olufsen Holding has generated negative risk-adjusted returns adding no value to investors with long positions. Allthough quite persistent forward indicators, Bang Olufsen is not utilizing all of its potentials. The existing stock price mess, may contribute to short term losses for the partners.
Target 
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Target Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Target are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively unfluctuating essential indicators, Target unveiled solid returns over the last few months and may actually be approaching a breakup point.

Bang Olufsen and Target Volatility Contrast

Check out your portfolio center. Please also try Watchlist Optimization module to optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm.


 
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