Two Equities Correlation Analysis
Specify exactly 2 symbols:
DKIDKA.CO
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for DKIDKA and NYSE Composite
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between DKIDKA and NYSE is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Investeringsforeningen Danske and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and DKIDKA 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 Investeringsforeningen Danske Invest are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of DKIDKA i.e., DKIDKA and NYSE Composite go up and down completely randomly.
Pair Corralation between DKIDKA and NYSE Composite
Assuming the 90 days trading horizon Investeringsforeningen Danske Invest is expected to generate 1.09 times more return on investment than NYSE Composite. However, DKIDKA is 1.09 times more volatile than NYSE Composite. It trades about 0.22 of its potential returns per unit of risk. NYSE Composite is currently generating about 0.19 per unit of risk. If you would invest 97,600 in Investeringsforeningen Danske Invest on January 19, 2024 and sell it today you would earn a total of 21,040 from holding Investeringsforeningen Danske Invest or generate 21.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Investeringsforeningen Danske vs. NYSE Composite
Performance |
| Timeline |
DKIDKA and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Investeringsforeningen Danske Invest
Pair trading matchups for DKIDKA
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with DKIDKA and NYSE Composite
The main advantage of trading using opposite DKIDKA and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DKIDKA position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| DKIDKA vs. Jyske Invest Nye | DKIDKA vs. Jyske Invest Nye | DKIDKA vs. Jyske Invest Hjt | DKIDKA vs. Jyske Invest Lange |
| NYSE Composite vs. Western Digital | NYSE Composite vs. Meta Data | NYSE Composite vs. Transphorm Technology | NYSE Composite vs. Playtika Holding Corp |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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