Correlation Analysis Between OSE All and NASDAQ Italy

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

 Predicted Return Density 
      Returns 

OSE All  vs.  NASDAQ Italy

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OSE All is expected to generate 11.81 times less return on investment than NASDAQ Italy. But when comparing it to its historical volatility, OSE All is 1.34 times less risky than NASDAQ Italy. It trades about 0.0 of its potential returns per unit of risk. NASDAQ Italy is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  109,487  in NASDAQ Italy on September 14, 2019 and sell it today you would earn a total of  1,094  from holding NASDAQ Italy or generate 1.0% return on investment over 30 days.

Pair Corralation between OSE All and NASDAQ Italy

-0.13
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy51.52%
ValuesDaily Returns

Diversification Opportunities for OSE All and NASDAQ Italy

OSE All diversification synergy

Good diversification

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