Correlation Between State Street and Nordea Invest

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

Specify exactly 2 symbols:

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

Diversification Opportunities for State Street and Nordea Invest

0.13
Correlation
SS
NI

Average diversification

The 3 months correlation between State and Nordea is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding State Street Aggregate Bond In and Nordea Invest Europe Enhanced in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Europe and State Street 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 State Street Aggregate are associated (or correlated) with Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Europe has no effect on the direction of State Street i.e. State Street and Nordea Invest go up and down completely randomly.

Pair Corralation between State Street and Nordea Invest

If you would invest  10,367  in State Street Aggregate on April 28, 2020 and sell it today you would earn a total of  163.00  from holding State Street Aggregate or generate 1.57% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy1.59%
ValuesDaily Returns

State Street Aggregate Bond In  vs.  Nordea Invest Europe Enhanced

 Performance (%) 
      Timeline 
State Street Aggregate 
22

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in State Street Aggregate are ranked lower than 2 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly strong basic indicators, State Street is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Nordea Invest Europe 
00

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. Allthough quite persistent forward indicators, Nordea Invest is not utilizing all of its potentials. The current stock price mess, may contribute to short term losses for the partners.

State Street and Nordea Invest Volatility Contrast

 Predicted Return Density 
      Returns 
Check out your portfolio center. Please also try Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.


 
Macroaxis is not a registered investment advisor or broker/dealer. All investments, including stocks, funds, ETFs, or cryptocurrencies, are speculative and involve substantial risk of loss. We encourage our investors to invest carefully. Much of our information is derived directly from data published by companies or submitted to governmental agencies which we believe are reliable, but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way warrant or guarantee the success of any action you take in reliance on our statements or recommendations. Also, note that past performance is not necessarily indicative of future results. All investments carry risk, and all investment decisions of an individual remain the responsibility of that individual. There is no guarantee that systems, indicators, or signals will result in profits or that they will not result in losses. All investors are advised to fully understand all risks associated with any investing they choose to do. Hypothetical or simulated performance is not indicative of future results. We make no representations or warranties that any investor will, or is likely to, achieve profits similar to those shown because hypothetical or simulated performance is not necessarily indicative of future results. For more information please visit our terms and condition page