Correlation Between Grong Sparebank and Oslo Exchange
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By analyzing existing cross correlation between Grong Sparebank and Oslo Exchange Mutual, you can compare the effects of market volatilities on Grong Sparebank 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 Grong Sparebank with a short position of Oslo Exchange. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grong Sparebank and Oslo Exchange.
Diversification Opportunities for Grong Sparebank and Oslo Exchange
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Grong and Oslo is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Grong Sparebank 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 Grong Sparebank 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 Grong Sparebank 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 Grong Sparebank i.e., Grong Sparebank and Oslo Exchange go up and down completely randomly.
Pair Corralation between Grong Sparebank and Oslo Exchange
Assuming the 90 days trading horizon Grong Sparebank is expected to generate 1.26 times less return on investment than Oslo Exchange. In addition to that, Grong Sparebank is 1.89 times more volatile than Oslo Exchange Mutual. It trades about 0.03 of its total potential returns per unit of risk. Oslo Exchange Mutual is currently generating about 0.08 per unit of volatility. If you would invest 120,877 in Oslo Exchange Mutual on September 4, 2024 and sell it today you would earn a total of 20,129 from holding Oslo Exchange Mutual or generate 16.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.66% |
| Values | Daily Returns |
Grong Sparebank vs. Oslo Exchange Mutual
Performance |
| Timeline |
Grong Sparebank and Oslo Exchange Volatility Contrast
Predicted Return Density |
| Returns |
Grong Sparebank
Pair trading matchups for Grong Sparebank
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Pair Trading with Grong Sparebank and Oslo Exchange
The main advantage of trading using opposite Grong Sparebank and Oslo Exchange positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grong Sparebank 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.| Grong Sparebank vs. Nordic Mining ASA | Grong Sparebank vs. Aasen Sparebank | Grong Sparebank vs. Proximar Seafood AS | Grong Sparebank vs. Instabank ASA |
| Oslo Exchange vs. Lea Bank ASA | Oslo Exchange vs. 5Th Planet Games | Oslo Exchange vs. Skue Sparebank | Oslo Exchange vs. Awilco Drilling PLC |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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