Correlation Analysis Between OMX COPENHAGEN and SP 500

This module allows you to analyze existing cross correlation between OMX COPENHAGEN and S&P 500. You can compare the effects of market volatilities on OMX COPENHAGEN and SP 500 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 SP 500. See also your portfolio center. Please also check ongoing floating volatility patterns of OMX COPENHAGEN and SP 500.
Horizon     30 Days    Login   to change
Compare Efficiency

Comparative Performance

 Predicted Return Density 


 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, OMX COPENHAGEN is expected to generate 0.86 times more return on investment than SP 500. However, OMX COPENHAGEN is 1.17 times less risky than SP 500. It trades about 0.06 of its potential returns per unit of risk. S&P 500 is currently generating about -0.08 per unit of risk. If you would invest  127,249  in OMX COPENHAGEN on November 14, 2018 and sell it today you would earn a total of  3,299  from holding OMX COPENHAGEN or generate 2.59% return on investment over 30 days.

Pair Corralation between OMX COPENHAGEN and SP 500

Time Period2 Months [change]
StrengthVery Weak
ValuesDaily Returns

Diversification Opportunities for OMX COPENHAGEN and SP 500

OMX COPENHAGEN diversification synergy

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding OMX COPENHAGEN and S&P 500 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SP 500 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 SP 500. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP 500 has no effect on the direction of OMX COPENHAGEN i.e. OMX COPENHAGEN and SP 500 go up and down completely randomly.

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.