Correlation Between BankInvest Danske and Genmab AS
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By analyzing existing cross correlation between BankInvest Danske and Genmab AS, you can compare the effects of market volatilities on BankInvest Danske 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 BankInvest Danske with a short position of Genmab AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of BankInvest Danske and Genmab AS.
Diversification Opportunities for BankInvest Danske and Genmab AS
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BankInvest and Genmab is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding BankInvest Danske and Genmab AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genmab AS and BankInvest Danske 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 BankInvest Danske 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 BankInvest Danske i.e., BankInvest Danske and Genmab AS go up and down completely randomly.
Pair Corralation between BankInvest Danske and Genmab AS
Assuming the 90 days trading horizon BankInvest Danske is expected to generate 0.65 times more return on investment than Genmab AS. However, BankInvest Danske is 1.55 times less risky than Genmab AS. It trades about -0.01 of its potential returns per unit of risk. Genmab AS is currently generating about -0.19 per unit of risk. If you would invest 11,535 in BankInvest Danske on January 31, 2024 and sell it today you would lose (30.00) from holding BankInvest Danske or give up 0.26% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 95.24% |
Values | Daily Returns |
BankInvest Danske vs. Genmab AS
Performance |
Timeline |
BankInvest Danske |
Genmab AS |
BankInvest Danske and Genmab AS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with BankInvest Danske and Genmab AS
The main advantage of trading using opposite BankInvest Danske and Genmab AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BankInvest Danske 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.BankInvest Danske vs. Jyske Invest Nye | BankInvest Danske vs. Jyske Invest Nye | BankInvest Danske vs. Jyske Invest Hjt | BankInvest Danske vs. Jyske Invest Lange |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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