Pair Correlation Between OMXVGI and NIKKEI 225

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

Pair Volatility

Assuming 30 trading days horizon, OMXVGI is expected to generate 1.45 times more return on investment than NIKKEI 225. However, OMXVGI is 1.45 times more volatile than NIKKEI 225. It trades about 0.02 of its potential returns per unit of risk. NIKKEI 225 is currently generating about -0.23 per unit of risk. If you would invest  66,776  in OMXVGI on January 22, 2018 and sell it today you would earn a total of  273.00  from holding OMXVGI or generate 0.41% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between OMXVGI and NIKKEI 225


Time Period1 Month [change]
StrengthVery Weak
ValuesDaily Returns


Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding OMXVGI and NIKKEI 225 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NIKKEI 225 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 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 OMXVGI i.e. OMXVGI and NIKKEI 225 go up and down completely randomly.

Comparative Volatility

 Predicted Return Density