Correlation Between Polight ASA and DNB NOR
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By analyzing existing cross correlation between Polight ASA and DNB NOR KAPFORV, you can compare the effects of market volatilities on Polight ASA and DNB NOR 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 Polight ASA with a short position of DNB NOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Polight ASA and DNB NOR.
Diversification Opportunities for Polight ASA and DNB NOR
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Polight and DNB is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Polight ASA and DNB NOR KAPFORV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DNB NOR KAPFORV and Polight ASA 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 Polight ASA are associated (or correlated) with DNB NOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DNB NOR KAPFORV has no effect on the direction of Polight ASA i.e., Polight ASA and DNB NOR go up and down completely randomly.
Pair Corralation between Polight ASA and DNB NOR
Assuming the 90 days trading horizon Polight ASA is expected to generate 34.91 times more return on investment than DNB NOR. However, Polight ASA is 34.91 times more volatile than DNB NOR KAPFORV. It trades about 0.12 of its potential returns per unit of risk. DNB NOR KAPFORV is currently generating about 0.29 per unit of risk. If you would invest 430.00 in Polight ASA on June 8, 2025 and sell it today you would earn a total of 105.00 from holding Polight ASA or generate 24.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Polight ASA vs. DNB NOR KAPFORV
Performance |
| Timeline |
| Polight ASA |
| DNB NOR KAPFORV |
Polight ASA and DNB NOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Polight ASA and DNB NOR
The main advantage of trading using opposite Polight ASA and DNB NOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Polight ASA position performs unexpectedly, DNB NOR 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 DNB NOR will offset losses from the drop in DNB NOR's long position.| Polight ASA vs. Elliptic Laboratories AS | Polight ASA vs. Kongsberg Automotive Holding | Polight ASA vs. REC Silicon ASA |
| DNB NOR vs. Elkem ASA | DNB NOR vs. Vow ASA | DNB NOR vs. North Energy ASA | DNB NOR vs. Arcticzymes Technologies ASA |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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