Correlation Analysis Between OMX COPENHAGEN and Hang Seng

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

 Predicted Return Density 
      Returns 

OMX COPENHAGEN  vs.  Hang Seng

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMX COPENHAGEN is expected to generate 1.49 times less return on investment than Hang Seng. But when comparing it to its historical volatility, OMX COPENHAGEN is 1.03 times less risky than Hang Seng. It trades about 0.24 of its potential returns per unit of risk. Hang Seng is currently generating about 0.35 of returns per unit of risk over similar time horizon. If you would invest  2,575,342  in Hang Seng on January 20, 2019 and sell it today you would earn a total of  247,471  from holding Hang Seng or generate 9.61% return on investment over 30 days.

Pair Corralation between OMX COPENHAGEN and Hang Seng

0.38
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy72.22%
ValuesDaily Returns

Diversification Opportunities for OMX COPENHAGEN and Hang Seng

OMX COPENHAGEN diversification synergy

Weak diversification

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