Correlation Analysis Between OMXVGI and Nasdaq

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

OMXVGI  vs.  Nasdaq

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMXVGI is expected to generate 0.34 times more return on investment than Nasdaq. However, OMXVGI is 2.94 times less risky than Nasdaq. It trades about -0.25 of its potential returns per unit of risk. Nasdaq is currently generating about -0.09 per unit of risk. If you would invest  66,243  in OMXVGI on October 14, 2018 and sell it today you would lose (2,210)  from holding OMXVGI or give up 3.34% of portfolio value over 30 days.

Pair Corralation between OMXVGI and Nasdaq

0.25
Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy95.45%
ValuesDaily Returns

Diversification

OMXVGI diversification synergy

Modest diversification

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

 Predicted Return Density 
      Returns 

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GOOG - USA Stock
Alphabet
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IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1053.37

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