Correlation Between Copenhagen Capital and International Business
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By analyzing existing cross correlation between Copenhagen Capital AS and International Business Machines, you can compare the effects of market volatilities on Copenhagen Capital and International Business 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 Copenhagen Capital with a short position of International Business. Check out your portfolio center. Please also check ongoing floating volatility patterns of Copenhagen Capital and International Business.
Diversification Opportunities for Copenhagen Capital and International Business
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Copenhagen and International is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Copenhagen Capital AS and International Business Machine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on International Business and Copenhagen Capital 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 Copenhagen Capital AS are associated (or correlated) with International Business. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Business has no effect on the direction of Copenhagen Capital i.e., Copenhagen Capital and International Business go up and down completely randomly.
Pair Corralation between Copenhagen Capital and International Business
Assuming the 90 days trading horizon Copenhagen Capital AS is expected to under-perform the International Business. In addition to that, Copenhagen Capital is 2.17 times more volatile than International Business Machines. It trades about -0.04 of its total potential returns per unit of risk. International Business Machines is currently generating about -0.01 per unit of volatility. If you would invest 18,573 in International Business Machines on January 26, 2024 and sell it today you would lose (163.00) from holding International Business Machines or give up 0.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Copenhagen Capital AS vs. International Business Machine
Performance |
| Timeline |
| Copenhagen Capital |
| International Business |
Copenhagen Capital and International Business Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Copenhagen Capital and International Business
The main advantage of trading using opposite Copenhagen Capital and International Business positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Copenhagen Capital position performs unexpectedly, International Business 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 International Business will offset losses from the drop in International Business' long position.| Copenhagen Capital vs. SKAKO AS | Copenhagen Capital vs. Agat Ejendomme AS | Copenhagen Capital vs. Prime Office AS | Copenhagen Capital vs. Cemat AS |
| International Business vs. FiscalNote Holdings | International Business vs. Innodata | International Business vs. Aurora Innovation | International Business vs. Conduent |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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