Correlation Between OMX COPENHAGEN and Nykredit Invest

By analyzing existing cross correlation between OMX COPENHAGEN and Nykredit Invest Lange you can compare the effects of market volatilities on OMX COPENHAGEN and Nykredit Invest 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 Nykredit Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX COPENHAGEN and Nykredit Invest.

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Can any of the company-specific risk be diversified away by investing in both OMX COPENHAGEN and Nykredit Invest at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing OMX COPENHAGEN and Nykredit Invest into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for OMX COPENHAGEN and Nykredit Invest

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Correlation
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Pay attention - limited upside

The 3 months correlation between OMXCGI and Nykredit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OMX COPENHAGEN and Nykredit Invest Lange Obligati in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Nykredit Invest Lange 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 Nykredit Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nykredit Invest Lange has no effect on the direction of OMX COPENHAGEN i.e. OMX COPENHAGEN and Nykredit Invest go up and down completely randomly.
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Pair Corralation between OMX COPENHAGEN and Nykredit Invest

If you would invest  160,406  in OMX COPENHAGEN on April 24, 2020 and sell it today you would earn a total of  6,440  from holding OMX COPENHAGEN or generate 4.01% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

OMX COPENHAGEN  vs.  Nykredit Invest Lange Obligati

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