Correlation Analysis Between IBEX 35 and OMXRGI

This module allows you to analyze existing cross correlation between IBEX 35 and OMXRGI. You can compare the effects of market volatilities on IBEX 35 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 IBEX 35 with a short position of OMXRGI. See also your portfolio center. Please also check ongoing floating volatility patterns of IBEX 35 and OMXRGI.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

IBEX 35  vs.  OMXRGI

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, IBEX 35 is expected to generate 3.58 times less return on investment than OMXRGI. But when comparing it to its historical volatility, IBEX 35 is 1.1 times less risky than OMXRGI. It trades about 0.03 of its potential returns per unit of risk. OMXRGI is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  93,536  in OMXRGI on November 13, 2018 and sell it today you would earn a total of  3,489  from holding OMXRGI or generate 3.73% return on investment over 30 days.

Pair Corralation between IBEX 35 and OMXRGI

-0.41
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy61.36%
ValuesDaily Returns

Diversification Opportunities for IBEX 35 and OMXRGI

IBEX 35 diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding IBEX 35 and OMXRGI in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on OMXRGI and IBEX 35 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 IBEX 35 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 IBEX 35 i.e. IBEX 35 and OMXRGI go up and down completely randomly.
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See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
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