Pair Correlation Between OMXRGI and Shanghai

This module allows you to analyze existing cross correlation between OMXRGI and Shanghai. You can compare the effects of market volatilities on OMXRGI and Shanghai 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 Shanghai. See also your portfolio center. Please also check ongoing floating volatility patterns of OMXRGI and Shanghai.
Investment Horizon     30 Days    Login   to change
 OMXRGI  vs   Shanghai
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, OMXRGI is expected to generate 0.99 times more return on investment than Shanghai. However, OMXRGI is 1.01 times less risky than Shanghai. It trades about 0.22 of its potential returns per unit of risk. Shanghai is currently generating about 0.02 per unit of risk. If you would invest  101,716  in OMXRGI on October 20, 2017 and sell it today you would earn a total of  1,951  from holding OMXRGI or generate 1.92% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between OMXRGI and Shanghai


Time Period1 Month [change]
ValuesDaily Returns


Very weak diversification

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

Comparative Volatility

 Predicted Return Density