Correlation Between Jyske Bank and OMX Copenhagen
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By analyzing existing cross correlation between Jyske Bank AS and OMX Copenhagen All, you can compare the effects of market volatilities on Jyske Bank 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 Jyske Bank with a short position of OMX Copenhagen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jyske Bank and OMX Copenhagen.
Diversification Opportunities for Jyske Bank and OMX Copenhagen
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jyske and OMX is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Jyske Bank AS and OMX Copenhagen All in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OMX Copenhagen All and Jyske Bank 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 Jyske Bank AS 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 All has no effect on the direction of Jyske Bank i.e., Jyske Bank and OMX Copenhagen go up and down completely randomly.
Pair Corralation between Jyske Bank and OMX Copenhagen
Assuming the 90 days trading horizon Jyske Bank AS is expected to generate 1.4 times more return on investment than OMX Copenhagen. However, Jyske Bank is 1.4 times more volatile than OMX Copenhagen All. It trades about -0.08 of its potential returns per unit of risk. OMX Copenhagen All is currently generating about -0.17 per unit of risk. If you would invest 54,300 in Jyske Bank AS on August 31, 2024 and sell it today you would lose (4,900) from holding Jyske Bank AS or give up 9.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jyske Bank AS vs. OMX Copenhagen All
Performance |
| Timeline |
Jyske Bank and OMX Copenhagen Volatility Contrast
Predicted Return Density |
| Returns |
Jyske Bank AS
Pair trading matchups for Jyske Bank
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Pair Trading with Jyske Bank and OMX Copenhagen
The main advantage of trading using opposite Jyske Bank and OMX Copenhagen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jyske Bank position performs unexpectedly, OMX Copenhagen 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 Copenhagen will offset losses from the drop in OMX Copenhagen's long position.| Jyske Bank vs. Skjern Bank AS | Jyske Bank vs. Carnegie Wealth Management | Jyske Bank vs. Lollands Bank | Jyske Bank vs. Danske Andelskassers Bank |
| OMX Copenhagen vs. Laan Spar Bank | OMX Copenhagen vs. NTG Nordic Transport | OMX Copenhagen vs. Vestjysk Bank AS | OMX Copenhagen vs. Lollands Bank |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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