Correlation Analysis Between NQPH and Stockholm

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

 Predicted Return Density 
      Returns 

NQPH  vs.  Stockholm

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQPH is expected to generate 1.04 times more return on investment than Stockholm. However, NQPH is 1.04 times more volatile than Stockholm. It trades about 0.17 of its potential returns per unit of risk. Stockholm is currently generating about -0.06 per unit of risk. If you would invest  93,134  in NQPH on November 14, 2018 and sell it today you would earn a total of  8,605  from holding NQPH or generate 9.24% return on investment over 30 days.

Pair Corralation between NQPH and Stockholm

-0.52
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for NQPH and Stockholm

NQPH diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding NQPH and Stockholm in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Stockholm and NQPH 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 NQPH are associated (or correlated) with Stockholm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stockholm has no effect on the direction of NQPH i.e. NQPH and Stockholm go up and down completely randomly.
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See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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