Correlation Between Eidesvik Offshore and Oslo Exchange
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By analyzing existing cross correlation between Eidesvik Offshore ASA and Oslo Exchange Mutual, you can compare the effects of market volatilities on Eidesvik Offshore and Oslo Exchange 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 Eidesvik Offshore with a short position of Oslo Exchange. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eidesvik Offshore and Oslo Exchange.
Diversification Opportunities for Eidesvik Offshore and Oslo Exchange
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eidesvik and Oslo is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Eidesvik Offshore ASA and Oslo Exchange Mutual in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oslo Exchange Mutual and Eidesvik Offshore 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 Eidesvik Offshore ASA are associated (or correlated) with Oslo Exchange. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oslo Exchange Mutual has no effect on the direction of Eidesvik Offshore i.e., Eidesvik Offshore and Oslo Exchange go up and down completely randomly.
Pair Corralation between Eidesvik Offshore and Oslo Exchange
Assuming the 90 days trading horizon Eidesvik Offshore ASA is expected to under-perform the Oslo Exchange. In addition to that, Eidesvik Offshore is 2.33 times more volatile than Oslo Exchange Mutual. It trades about -0.31 of its total potential returns per unit of risk. Oslo Exchange Mutual is currently generating about -0.13 per unit of volatility. If you would invest 145,628 in Oslo Exchange Mutual on December 5, 2024 and sell it today you would lose (3,666) from holding Oslo Exchange Mutual or give up 2.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eidesvik Offshore ASA vs. Oslo Exchange Mutual
Performance |
| Timeline |
Eidesvik Offshore and Oslo Exchange Volatility Contrast
Predicted Return Density |
| Returns |
Eidesvik Offshore ASA
Pair trading matchups for Eidesvik Offshore
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Pair Trading with Eidesvik Offshore and Oslo Exchange
The main advantage of trading using opposite Eidesvik Offshore and Oslo Exchange positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eidesvik Offshore position performs unexpectedly, Oslo Exchange can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Oslo Exchange will offset losses from the drop in Oslo Exchange's long position.| Eidesvik Offshore vs. Solstad Offsho | Eidesvik Offshore vs. Havila Shipping ASA | Eidesvik Offshore vs. Prosafe SE | Eidesvik Offshore vs. BW Offshore |
| Oslo Exchange vs. Goodtech | Oslo Exchange vs. Napatech AS | Oslo Exchange vs. 5Th Planet Games | Oslo Exchange vs. Romerike Sparebank |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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