Correlation Between COSCO SHIPPING and AP Moeller
Can any of the company-specific risk be diversified away by investing in both COSCO SHIPPING and AP Moeller 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 COSCO SHIPPING and AP Moeller into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between COSCO SHIPPING Development and AP Moeller , you can compare the effects of market volatilities on COSCO SHIPPING and AP Moeller 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 COSCO SHIPPING with a short position of AP Moeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSCO SHIPPING and AP Moeller.
Diversification Opportunities for COSCO SHIPPING and AP Moeller
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between COSCO and AMKAF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding COSCO SHIPPING Development and AP Moeller in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AP Moeller and COSCO SHIPPING 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 COSCO SHIPPING Development are associated (or correlated) with AP Moeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AP Moeller has no effect on the direction of COSCO SHIPPING i.e., COSCO SHIPPING and AP Moeller go up and down completely randomly.
Pair Corralation between COSCO SHIPPING and AP Moeller
If you would invest 151,964 in AP Moeller on December 1, 2024 and sell it today you would earn a total of 28,020 from holding AP Moeller or generate 18.44% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
COSCO SHIPPING Development vs. AP Moeller
Performance |
Timeline |
COSCO SHIPPING Devel |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
AP Moeller |
COSCO SHIPPING and AP Moeller Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with COSCO SHIPPING and AP Moeller
The main advantage of trading using opposite COSCO SHIPPING and AP Moeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSCO SHIPPING position performs unexpectedly, AP Moeller 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 AP Moeller will offset losses from the drop in AP Moeller's long position.COSCO SHIPPING vs. SITC International Holdings | COSCO SHIPPING vs. Orient Overseas Limited | COSCO SHIPPING vs. COSCO SHIPPING Holdings | COSCO SHIPPING vs. Pacific Basin Shipping |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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