Correlation Between Nordic Technology and Oslo Exchange
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By analyzing existing cross correlation between Nordic Technology Group and Oslo Exchange Mutual, you can compare the effects of market volatilities on Nordic Technology 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 Nordic Technology with a short position of Oslo Exchange. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nordic Technology and Oslo Exchange.
Diversification Opportunities for Nordic Technology and Oslo Exchange
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Nordic and Oslo is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Nordic Technology Group 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 Nordic Technology 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 Nordic Technology Group 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 Nordic Technology i.e., Nordic Technology and Oslo Exchange go up and down completely randomly.
Pair Corralation between Nordic Technology and Oslo Exchange
Assuming the 90 days trading horizon Nordic Technology Group is expected to under-perform the Oslo Exchange. In addition to that, Nordic Technology is 6.79 times more volatile than Oslo Exchange Mutual. It trades about -0.01 of its total potential returns per unit of risk. Oslo Exchange Mutual is currently generating about 0.07 per unit of volatility. If you would invest 117,187 in Oslo Exchange Mutual on September 2, 2024 and sell it today you would earn a total of 23,775 from holding Oslo Exchange Mutual or generate 20.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nordic Technology Group vs. Oslo Exchange Mutual
Performance |
| Timeline |
Nordic Technology and Oslo Exchange Volatility Contrast
Predicted Return Density |
| Returns |
Nordic Technology Group
Pair trading matchups for Nordic Technology
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Pair Trading with Nordic Technology and Oslo Exchange
The main advantage of trading using opposite Nordic Technology and Oslo Exchange positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nordic Technology 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.| Nordic Technology vs. Next Biometrics Group | Nordic Technology vs. Elkem ASA | Nordic Technology vs. Integrated Wind Solutions | Nordic Technology vs. Vow ASA |
| Oslo Exchange vs. Oslo OBX Stock | Oslo Exchange vs. Oslo All Share | Oslo Exchange vs. OBX Technology GR | Oslo Exchange vs. OBX Utilities GR |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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