Correlation Between TYSNES SPAREBANK and Gaming

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both TYSNES SPAREBANK and Gaming 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 TYSNES SPAREBANK and Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TYSNES SPAREBANK NK and Gaming and Leisure, you can compare the effects of market volatilities on TYSNES SPAREBANK and Gaming 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 TYSNES SPAREBANK with a short position of Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of TYSNES SPAREBANK and Gaming.

Diversification Opportunities for TYSNES SPAREBANK and Gaming

-0.29
  Correlation Coefficient

Very good diversification

The 3 months correlation between TYSNES and Gaming is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding TYSNES SPAREBANK NK and Gaming and Leisure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gaming and Leisure and TYSNES SPAREBANK 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 TYSNES SPAREBANK NK are associated (or correlated) with Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gaming and Leisure has no effect on the direction of TYSNES SPAREBANK i.e., TYSNES SPAREBANK and Gaming go up and down completely randomly.

Pair Corralation between TYSNES SPAREBANK and Gaming

Assuming the 90 days horizon TYSNES SPAREBANK NK is expected to generate 0.99 times more return on investment than Gaming. However, TYSNES SPAREBANK NK is 1.01 times less risky than Gaming. It trades about 0.21 of its potential returns per unit of risk. Gaming and Leisure is currently generating about -0.05 per unit of risk. If you would invest  1,039  in TYSNES SPAREBANK NK on April 23, 2025 and sell it today you would earn a total of  163.00  from holding TYSNES SPAREBANK NK or generate 15.69% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

TYSNES SPAREBANK NK  vs.  Gaming and Leisure

 Performance 
       Timeline  
TYSNES SPAREBANK 

Risk-Adjusted Performance

Solid

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in TYSNES SPAREBANK NK are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile basic indicators, TYSNES SPAREBANK reported solid returns over the last few months and may actually be approaching a breakup point.
Gaming and Leisure 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Gaming and Leisure has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Gaming is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

TYSNES SPAREBANK and Gaming Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with TYSNES SPAREBANK and Gaming

The main advantage of trading using opposite TYSNES SPAREBANK and Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TYSNES SPAREBANK position performs unexpectedly, Gaming 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 Gaming will offset losses from the drop in Gaming's long position.
The idea behind TYSNES SPAREBANK NK and Gaming and Leisure 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.
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.

Other Complementary Tools

Sectors
List of equity sectors categorizing publicly traded companies based on their primary business activities
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Commodity Channel
Use Commodity Channel Index to analyze current equity momentum
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Top Crypto Exchanges
Search and analyze digital assets across top global cryptocurrency exchanges