Correlation Analysis Between OMX COPENHAGEN and NQEGT

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

OMX COPENHAGEN  vs.  NQEGT

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMX COPENHAGEN is expected to under-perform the NQEGT. In addition to that, OMX COPENHAGEN is 1.25 times more volatile than NQEGT. It trades about -0.16 of its total potential returns per unit of risk. NQEGT is currently generating about -0.06 per unit of volatility. If you would invest  112,396  in NQEGT on September 21, 2018 and sell it today you would lose (2,599)  from holding NQEGT or give up 2.31% of portfolio value over 30 days.

Pair Corralation between OMX COPENHAGEN and NQEGT

0.82
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

 Predicted Return Density 
      Returns 

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