Correlation Analysis Between Nasdaq and OMXRGI

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

Nasdaq  vs.  OMXRGI

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Nasdaq is expected to under-perform the OMXRGI. In addition to that, Nasdaq is 1.06 times more volatile than OMXRGI. It trades about -0.22 of its total potential returns per unit of risk. OMXRGI is currently generating about -0.04 per unit of volatility. If you would invest  97,803  in OMXRGI on September 20, 2018 and sell it today you would lose (1,479)  from holding OMXRGI or give up 1.51% of portfolio value over 30 days.

Pair Corralation between Nasdaq and OMXRGI

0.82
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Nasdaq and OMXRGI in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on OMXRGI 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 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 Nasdaq i.e. Nasdaq and OMXRGI go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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Alphabet
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ExchangeNASDAQ
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