Correlation Between Sparinvest Mellemlange and Netcompany Group
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By analyzing existing cross correlation between Sparinvest Mellemlange and Netcompany Group AS, you can compare the effects of market volatilities on Sparinvest Mellemlange and Netcompany Group 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 Sparinvest Mellemlange with a short position of Netcompany Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sparinvest Mellemlange and Netcompany Group.
Diversification Opportunities for Sparinvest Mellemlange and Netcompany Group
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Sparinvest and Netcompany is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Sparinvest Mellemlange and Netcompany Group AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Netcompany Group and Sparinvest Mellemlange 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 Sparinvest Mellemlange are associated (or correlated) with Netcompany Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Netcompany Group has no effect on the direction of Sparinvest Mellemlange i.e., Sparinvest Mellemlange and Netcompany Group go up and down completely randomly.
Pair Corralation between Sparinvest Mellemlange and Netcompany Group
Assuming the 90 days trading horizon Sparinvest Mellemlange is expected to generate 0.11 times more return on investment than Netcompany Group. However, Sparinvest Mellemlange is 9.37 times less risky than Netcompany Group. It trades about 0.01 of its potential returns per unit of risk. Netcompany Group AS is currently generating about -0.12 per unit of risk. If you would invest 9,724 in Sparinvest Mellemlange on January 25, 2024 and sell it today you would earn a total of 4.00 from holding Sparinvest Mellemlange or generate 0.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sparinvest Mellemlange vs. Netcompany Group AS
Performance |
| Timeline |
| Sparinvest Mellemlange |
| Netcompany Group |
Sparinvest Mellemlange and Netcompany Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sparinvest Mellemlange and Netcompany Group
The main advantage of trading using opposite Sparinvest Mellemlange and Netcompany Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sparinvest Mellemlange position performs unexpectedly, Netcompany Group 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 Netcompany Group will offset losses from the drop in Netcompany Group's long position.| Sparinvest Mellemlange vs. Jyske Invest Nye | Sparinvest Mellemlange vs. Jyske Invest Nye | Sparinvest Mellemlange vs. Jyske Invest Hjt | Sparinvest Mellemlange vs. Jyske Invest Lange |
| Netcompany Group vs. Penneo AS | Netcompany Group vs. Bactiquant AS | Netcompany Group vs. cBrain AS | Netcompany Group vs. FOM Technologies AS |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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