Correlation Analysis Between NQFI and OMXRGI

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

 Predicted Return Density 
      Returns 

NQFI  vs.  OMXRGI

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQFI is expected to under-perform the OMXRGI. In addition to that, NQFI is 1.0 times more volatile than OMXRGI. It trades about -0.08 of its total potential returns per unit of risk. OMXRGI is currently generating about 0.09 per unit of volatility. If you would invest  93,536  in OMXRGI on November 14, 2018 and sell it today you would earn a total of  2,817  from holding OMXRGI or generate 3.01% return on investment over 30 days.

Pair Corralation between NQFI and OMXRGI

0.22
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy62.22%
ValuesDaily Returns

Diversification Opportunities for NQFI and OMXRGI

NQFI diversification synergy

Modest diversification

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