Correlation Between Sparebank and Oslo Exchange
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sparebank 1 SMN and Oslo Exchange Mutual, you can compare the effects of market volatilities on 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 Sparebank with a short position of Oslo Exchange. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sparebank and Oslo Exchange.
Diversification Opportunities for Sparebank and Oslo Exchange
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sparebank and Oslo is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Sparebank 1 SMN 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 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 Sparebank 1 SMN 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 Sparebank i.e., Sparebank and Oslo Exchange go up and down completely randomly.
Pair Corralation between Sparebank and Oslo Exchange
Assuming the 90 days trading horizon Sparebank 1 SMN is expected to under-perform the Oslo Exchange. In addition to that, Sparebank is 1.55 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 0.01 per unit of volatility. If you would invest 140,656 in Oslo Exchange Mutual on August 29, 2024 and sell it today you would earn a total of 88.00 from holding Oslo Exchange Mutual or generate 0.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sparebank 1 SMN vs. Oslo Exchange Mutual
Performance |
| Timeline |
Sparebank and Oslo Exchange Volatility Contrast
Predicted Return Density |
| Returns |
Sparebank 1 SMN
Pair trading matchups for Sparebank
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Pair Trading with Sparebank and Oslo Exchange
The main advantage of trading using opposite Sparebank and Oslo Exchange positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 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.| Sparebank vs. Sparebank 1 Nord Norge | Sparebank vs. Sparebanken Vest | Sparebank vs. Storebrand ASA | Sparebank vs. DnB ASA |
| Oslo Exchange vs. Lea Bank ASA | Oslo Exchange vs. Helgeland Sparebank | Oslo Exchange vs. Sunndal Sparebank | Oslo Exchange vs. Xplora Technologies As |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |