Correlation Analysis Between OMXRGI and NQEGT

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

 Predicted Return Density 
      Returns 

OMXRGI  vs.  NQEGT

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMXRGI is expected to generate 3.98 times less return on investment than NQEGT. But when comparing it to its historical volatility, OMXRGI is 1.01 times less risky than NQEGT. It trades about 0.1 of its potential returns per unit of risk. NQEGT is currently generating about 0.39 of returns per unit of risk over similar time horizon. If you would invest  107,124  in NQEGT on January 20, 2019 and sell it today you would earn a total of  20,858  from holding NQEGT or generate 19.47% return on investment over 30 days.

Pair Corralation between OMXRGI and NQEGT

0.51
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy48.65%
ValuesDaily Returns

Diversification Opportunities for OMXRGI and NQEGT

OMXRGI diversification synergy

Very weak diversification

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