Correlation Between Flex LNG and Viaplay Group
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By analyzing existing cross correlation between Flex LNG and Viaplay Group AB, you can compare the effects of market volatilities on Flex LNG and Viaplay Group 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 Flex LNG with a short position of Viaplay Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flex LNG and Viaplay Group.
Diversification Opportunities for Flex LNG and Viaplay Group
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Flex and Viaplay is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Flex LNG and Viaplay Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viaplay Group AB and Flex LNG 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 Flex LNG are associated (or correlated) with Viaplay Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viaplay Group AB has no effect on the direction of Flex LNG i.e., Flex LNG and Viaplay Group go up and down completely randomly.
Pair Corralation between Flex LNG and Viaplay Group
Assuming the 90 days trading horizon Flex LNG is expected to under-perform the Viaplay Group. But the stock apears to be less risky and, when comparing its historical volatility, Flex LNG is 2.01 times less risky than Viaplay Group. The stock trades about -0.09 of its potential returns per unit of risk. The Viaplay Group AB is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 75.00 in Viaplay Group AB on September 14, 2024 and sell it today you would lose (6.00) from holding Viaplay Group AB or give up 8.0% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Flex LNG vs. Viaplay Group AB
Performance |
Timeline |
Flex LNG |
Viaplay Group AB |
Flex LNG and Viaplay Group Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Flex LNG and Viaplay Group
The main advantage of trading using opposite Flex LNG and Viaplay Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flex LNG position performs unexpectedly, Viaplay Group 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 Viaplay Group will offset losses from the drop in Viaplay Group's long position.Flex LNG vs. Viaplay Group AB | Flex LNG vs. Swedbank AB | Flex LNG vs. Svenska Handelsbanken AB | Flex LNG vs. Redsense Medical AB |
Viaplay Group vs. Truecaller AB | Viaplay Group vs. Modern Times Group | Viaplay Group vs. Millicom International Cellular | Viaplay Group vs. Tele2 AB |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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