Correlation Analysis Between Nasdaq and NASDAQ UK

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

 Predicted Return Density 
      Returns 

Nasdaq  vs.  NASDAQ UK

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Nasdaq is expected to generate 38.0 times less return on investment than NASDAQ UK. But when comparing it to its historical volatility, Nasdaq is 1.41 times less risky than NASDAQ UK. It trades about 0.0 of its potential returns per unit of risk. NASDAQ UK is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest  96,412  in NASDAQ UK on September 17, 2019 and sell it today you would earn a total of  3,262  from holding NASDAQ UK or generate 3.38% return on investment over 30 days.

Pair Corralation between Nasdaq and NASDAQ UK

-0.11
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy57.14%
ValuesDaily Returns

Diversification Opportunities for Nasdaq and NASDAQ UK

Nasdaq diversification synergy

Good diversification

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