Correlation Analysis Between OMX COPENHAGEN and NQFI

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

OMX COPENHAGEN  vs.  NQFI

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMX COPENHAGEN is expected to under-perform the NQFI. But the index apears to be less risky and, when comparing its historical volatility, OMX COPENHAGEN is 1.19 times less risky than NQFI. The index trades about -0.11 of its potential returns per unit of risk. The NQFI is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  160,560  in NQFI on August 24, 2018 and sell it today you would earn a total of  4,524  from holding NQFI or generate 2.82% return on investment over 30 days.

Pair Corralation between OMX COPENHAGEN and NQFI

0.53
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

 Predicted Return Density 
      Returns 

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