Correlation Analysis Between OMXVGI and SP 500

This module allows you to analyze existing cross correlation between OMXVGI and S&P 500. You can compare the effects of market volatilities on OMXVGI and SP 500 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 OMXVGI with a short position of SP 500. See also your portfolio center. Please also check ongoing floating volatility patterns of OMXVGI and SP 500.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

OMXVGI  vs.  S&P 500

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, OMXVGI is expected to under-perform the SP 500. But the index apears to be less risky and, when comparing its historical volatility, OMXVGI is 2.83 times less risky than SP 500. The index trades about -0.1 of its potential returns per unit of risk. The S&P 500 is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest  290,503  in S&P 500 on May 18, 2019 and sell it today you would lose (1,805)  from holding S&P 500 or give up 0.62% of portfolio value over 30 days.

Pair Corralation between OMXVGI and SP 500

-0.24
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy92.68%
ValuesDaily Returns

Diversification Opportunities for OMXVGI and SP 500

OMXVGI diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding OMXVGI and S&P 500 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SP 500 and OMXVGI 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 OMXVGI are associated (or correlated) with SP 500. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SP 500 has no effect on the direction of OMXVGI i.e. OMXVGI and SP 500 go up and down completely randomly.
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See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
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