Pair Correlation Between OMX COPENHAGEN and DOW

This module allows you to analyze existing cross correlation between OMX COPENHAGEN and DOW. You can compare the effects of market volatilities on OMX COPENHAGEN and DOW 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 OMX COPENHAGEN with a short position of DOW. See also your portfolio center. Please also check ongoing floating volatility patterns of OMX COPENHAGEN and DOW.
 Time Horizon     30 Days    Login   to change
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, OMX COPENHAGEN is expected to generate 0.61 times more return on investment than DOW. However, OMX COPENHAGEN is 1.64 times less risky than DOW. It trades about -0.12 of its potential returns per unit of risk. DOW is currently generating about -0.15 per unit of risk. If you would invest  134,954  in OMX COPENHAGEN on February 22, 2018 and sell it today you would lose (2,696)  from holding OMX COPENHAGEN or give up 2.0% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between OMX COPENHAGEN and DOW


Time Period1 Month [change]
ValuesDaily Returns


Very poor diversification

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

Comparative Volatility

 Predicted Return Density