Correlation Analysis Between DOW and OMXRGI

This module allows you to analyze existing cross correlation between DOW and OMXRGI. You can compare the effects of market volatilities on DOW and OMXRGI 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 DOW with a short position of OMXRGI. See also your portfolio center. Please also check ongoing floating volatility patterns of DOW and OMXRGI.
Horizon     30 Days    Login   to change
Symbolsvs

DOW  vs.  OMXRGI

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to under-perform the OMXRGI. But the index apears to be less risky and, when comparing its historical volatility, DOW is 1.11 times less risky than OMXRGI. The index trades about -0.08 of its potential returns per unit of risk. The OMXRGI is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  94,873  in OMXRGI on November 9, 2018 and sell it today you would earn a total of  1,242  from holding OMXRGI or generate 1.31% return on investment over 30 days.

Pair Corralation between DOW and OMXRGI

0.35
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy67.44%
ValuesDaily Returns

Diversification

DOW diversification synergy

Weak diversification

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

 Predicted Return Density 
      Returns 

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