Correlation Between Fodelia and HKScan Oyj
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By analyzing existing cross correlation between Fodelia and HKScan Oyj A, you can compare the effects of market volatilities on Fodelia and HKScan Oyj 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 Fodelia with a short position of HKScan Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fodelia and HKScan Oyj.
Diversification Opportunities for Fodelia and HKScan Oyj
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fodelia and HKScan is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Fodelia and HKScan Oyj A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HKScan Oyj A and Fodelia 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 Fodelia are associated (or correlated) with HKScan Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HKScan Oyj A has no effect on the direction of Fodelia i.e., Fodelia and HKScan Oyj go up and down completely randomly.
Pair Corralation between Fodelia and HKScan Oyj
Assuming the 90 days trading horizon Fodelia is expected to generate 0.98 times more return on investment than HKScan Oyj. However, Fodelia is 1.02 times less risky than HKScan Oyj. It trades about 0.17 of its potential returns per unit of risk. HKScan Oyj A is currently generating about -0.05 per unit of risk. If you would invest 490.00 in Fodelia on February 5, 2024 and sell it today you would earn a total of 34.00 from holding Fodelia or generate 6.94% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Fodelia vs. HKScan Oyj A
Performance |
Timeline |
Fodelia |
HKScan Oyj A |
Fodelia and HKScan Oyj Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Fodelia and HKScan Oyj
The main advantage of trading using opposite Fodelia and HKScan Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fodelia position performs unexpectedly, HKScan Oyj 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 HKScan Oyj will offset losses from the drop in HKScan Oyj's long position.Fodelia vs. Raisio Oyj Vaihto osake | Fodelia vs. Digia Oyj | Fodelia vs. Atria Oyj A | Fodelia vs. Caverion Ord |
HKScan Oyj vs. Wartsila Oyj Abp | HKScan Oyj vs. Telia Company AB | HKScan Oyj vs. Tokmanni Group Oyj | HKScan Oyj vs. Kemira Oyj |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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