Correlation Between Filo Mining and OMX Stockholm
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By analyzing existing cross correlation between Filo Mining Corp and OMX Stockholm Mid, you can compare the effects of market volatilities on Filo Mining and OMX Stockholm 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 Filo Mining with a short position of OMX Stockholm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Filo Mining and OMX Stockholm.
Diversification Opportunities for Filo Mining and OMX Stockholm
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Filo and OMX is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Filo Mining Corp and OMX Stockholm Mid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OMX Stockholm Mid and Filo Mining 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 Filo Mining Corp are associated (or correlated) with OMX Stockholm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OMX Stockholm Mid has no effect on the direction of Filo Mining i.e., Filo Mining and OMX Stockholm go up and down completely randomly.
Pair Corralation between Filo Mining and OMX Stockholm
Assuming the 90 days trading horizon Filo Mining Corp is expected to under-perform the OMX Stockholm. In addition to that, Filo Mining is 1.4 times more volatile than OMX Stockholm Mid. It trades about -0.07 of its total potential returns per unit of risk. OMX Stockholm Mid is currently generating about 0.05 per unit of volatility. If you would invest 164,144 in OMX Stockholm Mid on September 14, 2024 and sell it today you would earn a total of 1,271 from holding OMX Stockholm Mid or generate 0.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Filo Mining Corp vs. OMX Stockholm Mid
Performance |
| Timeline |
Filo Mining and OMX Stockholm Volatility Contrast
Predicted Return Density |
| Returns |
Filo Mining Corp
Pair trading matchups for Filo Mining
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Pair Trading with Filo Mining and OMX Stockholm
The main advantage of trading using opposite Filo Mining and OMX Stockholm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Filo Mining position performs unexpectedly, OMX Stockholm 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 OMX Stockholm will offset losses from the drop in OMX Stockholm's long position.| Filo Mining vs. Boliden AB | Filo Mining vs. KABE Group AB | Filo Mining vs. IAR Systems Group | Filo Mining vs. Mekonomen AB |
| OMX Stockholm vs. Train Alliance Sweden | OMX Stockholm vs. Nexam Chemical Holding | OMX Stockholm vs. Kinnevik Investment AB | OMX Stockholm vs. Upsales Technology AB |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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