Correlation Analysis Between OMXVGI and NASDAQ UK

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

 Predicted Return Density 
      Returns 

OMXVGI  vs.  NASDAQ UK

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMXVGI is expected to generate 6.07 times less return on investment than NASDAQ UK. But when comparing it to its historical volatility, OMXVGI is 5.89 times less risky than NASDAQ UK. It trades about 0.07 of its potential returns per unit of risk. NASDAQ UK is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  96,412  in NASDAQ UK on September 19, 2019 and sell it today you would earn a total of  4,162  from holding NASDAQ UK or generate 4.32% return on investment over 30 days.

Pair Corralation between OMXVGI and NASDAQ UK

0.41
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy52.7%
ValuesDaily Returns

Diversification Opportunities for OMXVGI and NASDAQ UK

OMXVGI diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding OMXVGI and NASDAQ UK in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NASDAQ UK 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 UK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NASDAQ UK has no effect on the direction of OMXVGI i.e. OMXVGI and NASDAQ UK go up and down completely randomly.
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See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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