Correlation Analysis Between Nasdaq and OMXVGI

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

Nasdaq  vs.  OMXVGI

 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Nasdaq is expected to generate 1.76 times more return on investment than OMXVGI. However, Nasdaq is 1.76 times more volatile than OMXVGI. It trades about 0.09 of its potential returns per unit of risk. OMXVGI is currently generating about -0.25 per unit of risk. If you would invest  787,846  in Nasdaq on August 27, 2018 and sell it today you would earn a total of  12,901  from holding Nasdaq or generate 1.64% return on investment over 30 days.

Pair Corralation between Nasdaq and OMXVGI

Time Period1 Month [change]
ValuesDaily Returns


Very weak diversification

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

Comparative Volatility

 Predicted Return Density 

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See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.