Correlation Analysis Between NQTH and OMXVGI

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

 Predicted Return Density 
      Returns 

NQTH  vs.  OMXVGI

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQTH is expected to generate 1.94 times more return on investment than OMXVGI. However, NQTH is 1.94 times more volatile than OMXVGI. It trades about -0.1 of its potential returns per unit of risk. OMXVGI is currently generating about -0.23 per unit of risk. If you would invest  112,940  in NQTH on November 14, 2018 and sell it today you would lose (5,419)  from holding NQTH or give up 4.8% of portfolio value over 30 days.

Pair Corralation between NQTH and OMXVGI

0.32
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy93.33%
ValuesDaily Returns

Diversification Opportunities for NQTH and OMXVGI

NQTH diversification synergy

Weak diversification

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