Correlation Analysis Between NQTH and Stockholm

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

 Predicted Return Density 
      Returns 

NQTH  vs.  Stockholm

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NQTH is expected to generate 0.66 times more return on investment than Stockholm. However, NQTH is 1.53 times less risky than Stockholm. It trades about 0.09 of its potential returns per unit of risk. Stockholm is currently generating about -0.06 per unit of risk. If you would invest  115,370  in NQTH on May 17, 2019 and sell it today you would earn a total of  2,465  from holding NQTH or generate 2.14% return on investment over 30 days.

Pair Corralation between NQTH and Stockholm

0.24
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy95.12%
ValuesDaily Returns

Diversification Opportunities for NQTH and Stockholm

NQTH diversification synergy

Modest diversification

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