Correlation Between Brd Klee and PF Atlantic
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By analyzing existing cross correlation between Brd Klee AS and PF Atlantic Petroleum, you can compare the effects of market volatilities on Brd Klee and PF Atlantic 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 Brd Klee with a short position of PF Atlantic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Brd Klee and PF Atlantic.
Diversification Opportunities for Brd Klee and PF Atlantic
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Brd and ATLA-DKK is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Brd Klee AS and PF Atlantic Petroleum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PF Atlantic Petroleum and Brd Klee 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 Brd Klee AS are associated (or correlated) with PF Atlantic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PF Atlantic Petroleum has no effect on the direction of Brd Klee i.e., Brd Klee and PF Atlantic go up and down completely randomly.
Pair Corralation between Brd Klee and PF Atlantic
Assuming the 90 days trading horizon Brd Klee AS is expected to generate 0.66 times more return on investment than PF Atlantic. However, Brd Klee AS is 1.51 times less risky than PF Atlantic. It trades about 0.02 of its potential returns per unit of risk. PF Atlantic Petroleum is currently generating about -0.02 per unit of risk. If you would invest 405,254 in Brd Klee AS on January 26, 2024 and sell it today you would lose (7,254) from holding Brd Klee AS or give up 1.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Brd Klee AS vs. PF Atlantic Petroleum
Performance |
| Timeline |
| Brd Klee AS |
| PF Atlantic Petroleum |
Brd Klee and PF Atlantic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Brd Klee and PF Atlantic
The main advantage of trading using opposite Brd Klee and PF Atlantic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Brd Klee position performs unexpectedly, PF Atlantic 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 PF Atlantic will offset losses from the drop in PF Atlantic's long position.The idea behind Brd Klee AS and PF Atlantic Petroleum pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| PF Atlantic vs. BioPorto | PF Atlantic vs. cBrain AS | PF Atlantic vs. Orphazyme AS | PF Atlantic vs. TORM plc |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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