Correlation Analysis Between Russell 2000 and OMXVGI

This module allows you to analyze existing cross correlation between Russell 2000 and OMXVGI. You can compare the effects of market volatilities on Russell 2000 and OMXVGI 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 OMXVGI. See also your portfolio center. Please also check ongoing floating volatility patterns of Russell 2000 and OMXVGI.
Horizon     30 Days    Login   to change

Russell 2000   vs.  OMXVGI

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Russell 2000 is expected to generate 1.31 times more return on investment than OMXVGI. However, Russell 2000 is 1.31 times more volatile than OMXVGI. It trades about 0.13 of its potential returns per unit of risk. OMXVGI is currently generating about -0.36 per unit of risk. If you would invest  168,575  in Russell 2000 on August 20, 2018 and sell it today you would earn a total of  2,522  from holding Russell 2000 or generate 1.5% return on investment over 30 days.

Pair Corralation between Russell 2000 and OMXVGI

Time Period1 Month [change]
ValuesDaily Returns


Pay attention

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

Comparative Volatility

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See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.