Correlation Between Sydinvest Fjernsten and United Parcel
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By analyzing existing cross correlation between Sydinvest Fjernsten Akkumulerende and United Parcel Service, you can compare the effects of market volatilities on Sydinvest Fjernsten and United Parcel 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 Sydinvest Fjernsten with a short position of United Parcel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sydinvest Fjernsten and United Parcel.
Diversification Opportunities for Sydinvest Fjernsten and United Parcel
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sydinvest and United is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Sydinvest Fjernsten Akkumulere and United Parcel Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Parcel Service and Sydinvest Fjernsten 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 Sydinvest Fjernsten Akkumulerende are associated (or correlated) with United Parcel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Parcel Service has no effect on the direction of Sydinvest Fjernsten i.e., Sydinvest Fjernsten and United Parcel go up and down completely randomly.
Pair Corralation between Sydinvest Fjernsten and United Parcel
Assuming the 90 days trading horizon Sydinvest Fjernsten Akkumulerende is expected to generate 0.37 times more return on investment than United Parcel. However, Sydinvest Fjernsten Akkumulerende is 2.67 times less risky than United Parcel. It trades about 0.14 of its potential returns per unit of risk. United Parcel Service is currently generating about -0.16 per unit of risk. If you would invest 29,035 in Sydinvest Fjernsten Akkumulerende on January 20, 2024 and sell it today you would earn a total of 675.00 from holding Sydinvest Fjernsten Akkumulerende or generate 2.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Sydinvest Fjernsten Akkumulere vs. United Parcel Service
Performance |
| Timeline |
| Sydinvest Fjernsten |
| United Parcel Service |
Sydinvest Fjernsten and United Parcel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sydinvest Fjernsten and United Parcel
The main advantage of trading using opposite Sydinvest Fjernsten and United Parcel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sydinvest Fjernsten position performs unexpectedly, United Parcel 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 United Parcel will offset losses from the drop in United Parcel's long position.| Sydinvest Fjernsten vs. Novo Nordisk AS | Sydinvest Fjernsten vs. Nordea Bank Abp | Sydinvest Fjernsten vs. DSV Panalpina AS | Sydinvest Fjernsten vs. AP Mller |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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