Correlation Between Nordea Invest and Apple

By analyzing existing cross correlation between Nordea Invest Europe and Apple Inc, you can compare the effects of market volatilities on Nordea Invest and Apple 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 Nordea Invest with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordea Invest and Apple.

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

Diversification Opportunities for Nordea Invest and Apple

  Correlation Coefficient
Nordea Invest Europe
Apple Inc

Good diversification

The 3 months correlation between Nordea and Apple is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Nordea Invest Europe Enhanced and Apple Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Nordea Invest 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 Nordea Invest Europe are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Nordea Invest i.e. Nordea Invest and Apple go up and down completely randomly.

Pair Corralation between Nordea Invest and Apple

Assuming the 30 trading days horizon, Nordea Invest Europe is expected to generate 2.64 times more return on investment than Apple. However, Nordea Invest is 2.64 times more volatile than Apple Inc. It trades about 0.33 of its potential returns per unit of risk. Apple Inc is currently generating about 0.31 per unit of risk. If you would invest  8,707  in Nordea Invest Europe on June 11, 2020 and sell it today you would earn a total of  647.00  from holding Nordea Invest Europe or generate 7.43% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
ValuesDaily Returns

Nordea Invest Europe Enhanced   vs.  Apple Inc

 Performance (%) 
Nordea Invest Europe 

Nordea Invest Risk-Adjusted Performance

Over the last 30 days Nordea Invest Europe has generated negative risk-adjusted returns adding no value to investors with long positions. Although quite weak forward indicators, Nordea Invest disclosed solid returns over the last few months and may actually be approaching a breakup point.
Apple Inc 

Apple Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Apple Inc are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Apple revealed solid returns over the last few months and may actually be approaching a breakup point.

Nordea Invest and Apple Volatility Contrast

 Predicted Return Density 
Check out your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.

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