Correlation Between Scandinavian Tobacco and NESNVX
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By analyzing existing cross correlation between Scandinavian Tobacco Group and NESNVX 525 13 MAR 26, you can compare the effects of market volatilities on Scandinavian Tobacco and NESNVX 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 Scandinavian Tobacco with a short position of NESNVX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scandinavian Tobacco and NESNVX.
Diversification Opportunities for Scandinavian Tobacco and NESNVX
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Scandinavian and NESNVX is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Scandinavian Tobacco Group and NESNVX 525 13 MAR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NESNVX 525 13 and Scandinavian Tobacco 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 Scandinavian Tobacco Group are associated (or correlated) with NESNVX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NESNVX 525 13 has no effect on the direction of Scandinavian Tobacco i.e., Scandinavian Tobacco and NESNVX go up and down completely randomly.
Pair Corralation between Scandinavian Tobacco and NESNVX
If you would invest 716.00 in Scandinavian Tobacco Group on September 26, 2024 and sell it today you would earn a total of 0.00 from holding Scandinavian Tobacco Group or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 59.09% |
Values | Daily Returns |
Scandinavian Tobacco Group vs. NESNVX 525 13 MAR 26
Performance |
Timeline |
Scandinavian Tobacco |
NESNVX 525 13 |
Scandinavian Tobacco and NESNVX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Scandinavian Tobacco and NESNVX
The main advantage of trading using opposite Scandinavian Tobacco and NESNVX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scandinavian Tobacco position performs unexpectedly, NESNVX 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 NESNVX will offset losses from the drop in NESNVX's long position.Scandinavian Tobacco vs. Universal | Scandinavian Tobacco vs. Imperial Brands PLC | Scandinavian Tobacco vs. Japan Tobacco ADR | Scandinavian Tobacco vs. Philip Morris International |
NESNVX vs. Ispire Technology Common | NESNVX vs. Compania Cervecerias Unidas | NESNVX vs. Pentair PLC | NESNVX vs. Scandinavian Tobacco Group |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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