Correlation Analysis Between EURONEXT BEL-20 and NQTH

This module allows you to analyze existing cross correlation between EURONEXT BEL-20 and NQTH. You can compare the effects of market volatilities on EURONEXT BEL-20 and NQTH 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 EURONEXT BEL-20 with a short position of NQTH. See also your portfolio center. Please also check ongoing floating volatility patterns of EURONEXT BEL-20 and NQTH.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

EURONEXT BEL-20  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, EURONEXT BEL-20 is expected to generate 1.43 times more return on investment than NQTH. However, EURONEXT BEL-20 is 1.43 times more volatile than NQTH. It trades about 0.33 of its potential returns per unit of risk. NQTH is currently generating about 0.32 per unit of risk. If you would invest  321,008  in EURONEXT BEL-20 on January 21, 2019 and sell it today you would earn a total of  40,578  from holding EURONEXT BEL-20 or generate 12.64% return on investment over 30 days.

Pair Corralation between EURONEXT BEL-20 and NQTH

0.86
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for EURONEXT BEL-20 and NQTH

EURONEXT BEL-20 diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding EURONEXT BEL-20 and NQTH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQTH and EURONEXT BEL-20 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 EURONEXT BEL-20 are associated (or correlated) with NQTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQTH has no effect on the direction of EURONEXT BEL-20 i.e. EURONEXT BEL-20 and NQTH go up and down completely randomly.
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