Correlation Analysis Between NIKKEI 225 and OMX COPENHAGEN |
This module allows you to analyze existing cross correlation between NIKKEI 225 and OMX COPENHAGEN. You can compare the effects of market volatilities on NIKKEI 225 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 NIKKEI 225 with a short position of OMX COPENHAGEN. See also your portfolio center. Please also check ongoing floating volatility patterns of NIKKEI 225 and OMX COPENHAGEN.
| Horizon | 30 Days Login to change |
| Symbols | vs |
Comparative Performance
OMX COPENHAGEN
Pair trading matchups for OMX COPENHAGEN
NIKKEI 225 vs. OMX COPENHAGEN
Pair Volatility
Assuming 30 trading days horizon, NIKKEI 225 is expected to under-perform the OMX COPENHAGEN. But the index apears to be less risky and, when comparing its historical volatility, NIKKEI 225 is 1.08 times less risky than OMX COPENHAGEN. The index trades about -0.19 of its potential returns per unit of risk. The OMX COPENHAGEN is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 142,834 in OMX COPENHAGEN on May 17, 2019 and sell it today you would earn a total of 656.00 from holding OMX COPENHAGEN or generate 0.46% return on investment over 30 days.
Pair Corralation between NIKKEI 225 and OMX COPENHAGEN
0.63
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Significant |
| Accuracy | 97.3% |
| Values | Daily Returns |
Diversification Opportunities for NIKKEI 225 and OMX COPENHAGEN
Poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding NIKKEI 225 and OMX COPENHAGEN in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on OMX COPENHAGEN and NIKKEI 225 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 NIKKEI 225 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 NIKKEI 225 i.e. NIKKEI 225 and OMX COPENHAGEN go up and down completely randomly.
NIKKEI 225
Pair trading matchups for NIKKEI 225
OMX COPENHAGEN
Pair trading matchups for OMX COPENHAGEN
See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.
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