Correlation Between Sparinvest Value and Genmab AS
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By analyzing existing cross correlation between Sparinvest Value Aktier and Genmab AS, you can compare the effects of market volatilities on Sparinvest Value 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 Sparinvest Value with a short position of Genmab AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sparinvest Value and Genmab AS.
Diversification Opportunities for Sparinvest Value and Genmab AS
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sparinvest and Genmab is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Sparinvest Value Aktier and Genmab AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genmab AS and Sparinvest Value 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 Value Aktier 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 Sparinvest Value i.e., Sparinvest Value and Genmab AS go up and down completely randomly.
Pair Corralation between Sparinvest Value and Genmab AS
Assuming the 90 days trading horizon Sparinvest Value Aktier is expected to generate 0.55 times more return on investment than Genmab AS. However, Sparinvest Value Aktier is 1.82 times less risky than Genmab AS. It trades about -0.04 of its potential returns per unit of risk. Genmab AS is currently generating about -0.02 per unit of risk. If you would invest 56,370 in Sparinvest Value Aktier on January 19, 2024 and sell it today you would lose (380.00) from holding Sparinvest Value Aktier or give up 0.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sparinvest Value Aktier vs. Genmab AS
Performance |
| Timeline |
| Sparinvest Value Aktier |
| Genmab AS |
Sparinvest Value and Genmab AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sparinvest Value and Genmab AS
The main advantage of trading using opposite Sparinvest Value and Genmab AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sparinvest Value 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.| Sparinvest Value vs. Jyske Invest Nye | Sparinvest Value vs. Jyske Invest Nye | Sparinvest Value vs. Jyske Invest Hjt | Sparinvest Value vs. Jyske Invest Lange |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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