Correlation Analysis Between OMXRGI and NIKKEI 225

This module allows you to analyze existing cross correlation between OMXRGI and NIKKEI 225. You can compare the effects of market volatilities on OMXRGI and NIKKEI 225 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 OMXRGI with a short position of NIKKEI 225. See also your portfolio center. Please also check ongoing floating volatility patterns of OMXRGI and NIKKEI 225.
Horizon     30 Days    Login   to change
Symbolsvs

OMXRGI  vs.  NIKKEI 225

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMXRGI is expected to generate 0.71 times more return on investment than NIKKEI 225. However, OMXRGI is 1.41 times less risky than NIKKEI 225. It trades about 0.11 of its potential returns per unit of risk. NIKKEI 225 is currently generating about 0.01 per unit of risk. If you would invest  93,536  in OMXRGI on October 13, 2018 and sell it today you would earn a total of  1,470  from holding OMXRGI or generate 1.57% return on investment over 30 days.

Pair Corralation between OMXRGI and NIKKEI 225

0.4
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy76.47%
ValuesDaily Returns

Diversification

OMXRGI diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding OMXRGI and NIKKEI 225 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NIKKEI 225 and OMXRGI 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 OMXRGI are associated (or correlated) with NIKKEI 225. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NIKKEI 225 has no effect on the direction of OMXRGI i.e. OMXRGI and NIKKEI 225 go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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