Correlation Between Exela and Nordea Invest

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

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

Diversification Opportunities for Exela and Nordea Invest

0.0
  Correlation Coefficient
Exela
Nordea Invest Global

Pay attention - limited upside

The 3 months correlation between Exela and Nordea is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Exela Technologies Inc and Nordea Invest Global Enhanced in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Global and Exela 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 Exela 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 Global has no effect on the direction of Exela i.e. Exela and Nordea Invest go up and down completely randomly.

Pair Corralation between Exela and Nordea Invest

If you would invest  18.00  in Exela on June 14, 2020 and sell it today you would earn a total of  33.00  from holding Exela or generate 183.33% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy1.59%
ValuesDaily Returns

Exela Technologies Inc  vs.  Nordea Invest Global Enhanced

 Performance (%) 
      Timeline 
Exela 
1111

Exela Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Exela are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. Despite somewhat unfluctuating basic indicators, Exela sustained solid returns over the last few months and may actually be approaching a breakup point.
Nordea Invest Global 
00

Nordea Invest Risk-Adjusted Performance

Over the last 30 days Nordea Invest Global has generated negative risk-adjusted returns adding no value to investors with long positions. Although quite persistent technical and fundamental indicators, Nordea Invest is not utilizing all of its potentials. The current stock price mess, may contribute to short term losses for the institutional investors.

Exela and Nordea Invest 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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