Correlation Between Tesla and Bang Olufsen

By analyzing existing cross correlation between Tesla Inc and Bang Olufsen Holding you can compare the effects of market volatilities on Tesla and Bang Olufsen 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 Tesla with a short position of Bang Olufsen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tesla and Bang Olufsen.

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Can any of the company-specific risk be diversified away by investing in both Tesla and Bang Olufsen 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 Tesla and Bang Olufsen into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for Tesla and Bang Olufsen

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Correlation
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Pay attention - limited upside

The 3 months correlation between Tesla and Bang Olufsen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Tesla Inc and Bang Olufsen Holding AS in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bang Olufsen Holding and Tesla 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 Tesla Inc are associated (or correlated) with Bang Olufsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bang Olufsen Holding has no effect on the direction of Tesla i.e. Tesla and Bang Olufsen go up and down completely randomly.

Pair Corralation between Tesla and Bang Olufsen

If you would invest  74,150  in Tesla Inc on May 1, 2020 and sell it today you would earn a total of  9,350  from holding Tesla Inc or generate 12.61% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy1.56%
ValuesDaily Returns

Tesla Inc  vs.  Bang Olufsen Holding AS

 Performance (%) 
      Timeline 
Tesla Inc 
44

Tesla Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Tesla Inc are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat fragile basic indicators, Tesla sustained solid returns over the last few months and may actually be approaching a breakup point.
Bang Olufsen Holding 
00

Bang Olufsen Risk-Adjusted Performance

Over the last 30 days Bang Olufsen Holding has generated negative risk-adjusted returns adding no value to investors with long positions. Allthough quite persistent forward indicators, Bang Olufsen is not utilizing all of its potentials. The current stock price mess, may contribute to short term losses for the partners.

Tesla and Bang Olufsen Volatility Contrast

 Predicted Return Density 
      Returns 
Check out your portfolio center. Please also try Fundamental Analysis module to view fundamental data based on most recent published financial statements.


 
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