Correlation Analysis Between Straits Tms and OMX COPENHAGEN

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

 Predicted Return Density 
      Returns 

Straits Tms  vs.  OMX COPENHAGEN

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Straits Tms is expected to generate 1.04 times less return on investment than OMX COPENHAGEN. But when comparing it to its historical volatility, Straits Tms is 1.35 times less risky than OMX COPENHAGEN. It trades about 0.23 of its potential returns per unit of risk. OMX COPENHAGEN is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  127,688  in OMX COPENHAGEN on January 18, 2019 and sell it today you would earn a total of  8,432  from holding OMX COPENHAGEN or generate 6.6% return on investment over 30 days.

Pair Corralation between Straits Tms and OMX COPENHAGEN

0.66
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy92.11%
ValuesDaily Returns

Diversification Opportunities for Straits Tms and OMX COPENHAGEN

Straits Tms diversification synergy

Poor diversification

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