Correlation Between XpresSpa and Nykredit Invest

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Can any of the company-specific risk be diversified away by investing in both XpresSpa and Nykredit 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 XpresSpa and Nykredit Invest into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XpresSpa Group and Nykredit Invest Lange, you can compare the effects of market volatilities on XpresSpa and Nykredit 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 XpresSpa with a short position of Nykredit Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of XpresSpa and Nykredit Invest.

Diversification Opportunities for XpresSpa and Nykredit Invest

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  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between XpresSpa and Nykredit Invest

If you would invest  7,978  in Nykredit Invest Lange on December 29, 2023 and sell it today you would earn a total of  128.00  from holding Nykredit Invest Lange or generate 1.6% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

XpresSpa Group  vs.  Nykredit Invest Lange

 Performance 
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XpresSpa Group 

Risk-Adjusted Performance

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Over the last 90 days XpresSpa Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, XpresSpa is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.
Nykredit Invest Lange 

Risk-Adjusted Performance

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Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Nykredit Invest Lange are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound basic indicators, Nykredit Invest is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

XpresSpa and Nykredit Invest Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with XpresSpa and Nykredit Invest

The main advantage of trading using opposite XpresSpa and Nykredit Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XpresSpa position performs unexpectedly, Nykredit Invest 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 Nykredit Invest will offset losses from the drop in Nykredit Invest's long position.
The idea behind XpresSpa Group and Nykredit Invest Lange pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.

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