Pair Correlation Between Russell 2000 and OMX COPENHAGEN

This module allows you to analyze existing cross correlation between Russell 2000 and OMX COPENHAGEN. You can compare the effects of market volatilities on Russell 2000 and OMX COPENHAGEN 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 Russell 2000 with a short position of OMX COPENHAGEN. See also your portfolio center. Please also check ongoing floating volatility patterns of Russell 2000 and OMX COPENHAGEN.
Investment Horizon     30 Days    Login   to change
 Russell 2000   vs   OMX COPENHAGEN
 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Russell 2000 is expected to generate 0.87 times more return on investment than OMX COPENHAGEN. However, Russell 2000 is 1.16 times less risky than OMX COPENHAGEN. It trades about 0.11 of its potential returns per unit of risk. OMX COPENHAGEN is currently generating about -0.2 per unit of risk. If you would invest  149,348  in Russell 2000 on October 25, 2017 and sell it today you would earn a total of  2,328  from holding Russell 2000 or generate 1.56% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Russell 2000 and OMX COPENHAGEN


Time Period1 Month [change]
StrengthVery Weak
ValuesDaily Returns


Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Russell 2000 and OMX COPENHAGEN in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on OMX COPENHAGEN and Russell 2000 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 Russell 2000 are associated (or correlated) with OMX COPENHAGEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OMX COPENHAGEN has no effect on the direction of Russell 2000 i.e. Russell 2000 and OMX COPENHAGEN go up and down completely randomly.

Comparative Volatility

 Predicted Return Density