Correlation Between Danske Invest and Scandinavian Tobacco
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By analyzing existing cross correlation between Danske Invest Mix and Scandinavian Tobacco Group, you can compare the effects of market volatilities on Danske Invest and Scandinavian Tobacco 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 Danske Invest with a short position of Scandinavian Tobacco. Check out your portfolio center. Please also check ongoing floating volatility patterns of Danske Invest and Scandinavian Tobacco.
Diversification Opportunities for Danske Invest and Scandinavian Tobacco
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Danske and Scandinavian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Danske Invest Mix and Scandinavian Tobacco Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scandinavian Tobacco and Danske Invest 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 Danske Invest Mix are associated (or correlated) with Scandinavian Tobacco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scandinavian Tobacco has no effect on the direction of Danske Invest i.e., Danske Invest and Scandinavian Tobacco go up and down completely randomly.
Pair Corralation between Danske Invest and Scandinavian Tobacco
If you would invest (100.00) in Danske Invest Mix on February 3, 2024 and sell it today you would earn a total of 100.00 from holding Danske Invest Mix or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Danske Invest Mix vs. Scandinavian Tobacco Group
Performance |
Timeline |
Danske Invest Mix |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Scandinavian Tobacco |
Danske Invest and Scandinavian Tobacco Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Danske Invest and Scandinavian Tobacco
The main advantage of trading using opposite Danske Invest and Scandinavian Tobacco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Danske Invest position performs unexpectedly, Scandinavian Tobacco 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 Scandinavian Tobacco will offset losses from the drop in Scandinavian Tobacco's long position.Danske Invest vs. Formuepleje Mix Medium | Danske Invest vs. Kreditbanken AS | Danske Invest vs. Hvidbjerg Bank | Danske Invest vs. Fynske Bank AS |
Scandinavian Tobacco vs. Matas AS | Scandinavian Tobacco vs. Topdanmark AS | Scandinavian Tobacco vs. Tryg AS | Scandinavian Tobacco vs. Alm Brand |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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