Correlation Between Handelsinvest Offensiv and Genmab AS
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By analyzing existing cross correlation between Handelsinvest Offensiv 80 and Genmab AS, you can compare the effects of market volatilities on Handelsinvest Offensiv 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 Handelsinvest Offensiv with a short position of Genmab AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Handelsinvest Offensiv and Genmab AS.
Diversification Opportunities for Handelsinvest Offensiv and Genmab AS
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Handelsinvest and Genmab is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Handelsinvest Offensiv 80 and Genmab AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genmab AS and Handelsinvest Offensiv 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 Handelsinvest Offensiv 80 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 Handelsinvest Offensiv i.e., Handelsinvest Offensiv and Genmab AS go up and down completely randomly.
Pair Corralation between Handelsinvest Offensiv and Genmab AS
Assuming the 90 days trading horizon Handelsinvest Offensiv 80 is expected to generate 0.3 times more return on investment than Genmab AS. However, Handelsinvest Offensiv 80 is 3.31 times less risky than Genmab AS. It trades about 0.08 of its potential returns per unit of risk. Genmab AS is currently generating about 0.0 per unit of risk. If you would invest 11,775 in Handelsinvest Offensiv 80 on January 26, 2024 and sell it today you would earn a total of 1,913 from holding Handelsinvest Offensiv 80 or generate 16.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 65.86% |
| Values | Daily Returns |
Handelsinvest Offensiv 80 vs. Genmab AS
Performance |
| Timeline |
| Handelsinvest Offensiv |
| Genmab AS |
Handelsinvest Offensiv and Genmab AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Handelsinvest Offensiv and Genmab AS
The main advantage of trading using opposite Handelsinvest Offensiv and Genmab AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Handelsinvest Offensiv 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.| Handelsinvest Offensiv vs. Novo Nordisk AS | Handelsinvest Offensiv vs. Nordea Bank Abp | Handelsinvest Offensiv vs. DSV Panalpina AS | Handelsinvest Offensiv vs. AP Mller |
| Genmab AS vs. Ambu AS | Genmab AS vs. DSV Panalpina AS | Genmab AS vs. Bavarian Nordic | Genmab AS vs. GN Store Nord |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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