Correlation Analysis Between NQEGT and OMXVGI

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

 Predicted Return Density 
      Returns 

NQEGT  vs.  OMXVGI

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQEGT is expected to under-perform the OMXVGI. In addition to that, NQEGT is 10.41 times more volatile than OMXVGI. It trades about -0.04 of its total potential returns per unit of risk. OMXVGI is currently generating about 0.13 per unit of volatility. If you would invest  68,120  in OMXVGI on September 16, 2019 and sell it today you would earn a total of  1,737  from holding OMXVGI or generate 2.55% return on investment over 30 days.

Pair Corralation between NQEGT and OMXVGI

0.75
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy47.95%
ValuesDaily Returns

Diversification Opportunities for NQEGT and OMXVGI

NQEGT diversification synergy

Poor diversification

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