Correlation Between Nordea Bank and Spire Global

Can any of the company-specific risk be diversified away by investing in both Nordea Bank and Spire Global 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 Nordea Bank and Spire Global into the same portfolio, which is an essential part of the fundamental portfolio management process.

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

Diversification Opportunities for Nordea Bank and Spire Global

-0.73

Correlation Coefficient

Nordea Bank  Spire Global

Pay attention - limited upside

The 3 months correlation between Nordea and Spire is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Nordea Bank Abp and Spire Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spire Global and Nordea Bank 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 Nordea Bank Abp are associated (or correlated) with Spire Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spire Global has no effect on the direction of Nordea Bank i.e., Nordea Bank and Spire Global go up and down completely randomly.

Pair Corralation between Nordea Bank and Spire Global

Assuming the 90 days trading horizon Nordea Bank Abp is expected to generate 0.17 times more return on investment than Spire Global. However, Nordea Bank Abp is 5.84 times less risky than Spire Global. It trades about 0.22 of its potential returns per unit of risk. Spire Global is currently generating about -0.06 per unit of risk. If you would invest  15,195  in Nordea Bank Abp on October 8, 2025 and sell it today you would earn a total of  2,470  from holding Nordea Bank Abp or generate 16.26% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Weak
Accuracy	98.39%
Values	Daily Returns

Nordea Bank Abp  vs.  Spire Global

Nordea Bank Abp

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Nordea Bank Abp are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady basic indicators, Nordea Bank unveiled solid returns over the last few months and may actually be approaching a breakup point.

Spire Global

Risk-Adjusted Performance

Weakest

Over the last 90 days Spire Global has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's forward indicators remain relatively invariable which may send shares a bit higher in February 2026. The latest agitation may also be a sign of long-running up-swing for the enterprise retail investors.

Pair Trading with Nordea Bank and Spire Global

The main advantage of trading using opposite Nordea Bank and Spire Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordea Bank position performs unexpectedly, Spire Global 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 Spire Global will offset losses from the drop in Spire Global's long position.

The idea behind Nordea Bank Abp and Spire Global 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.

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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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.