Correlation Between Oma Saastopankki and HKFoods Oyj
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oma Saastopankki Oyj and HKFoods Oyj A, you can compare the effects of market volatilities on Oma Saastopankki and HKFoods Oyj 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 Oma Saastopankki with a short position of HKFoods Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oma Saastopankki and HKFoods Oyj.
Diversification Opportunities for Oma Saastopankki and HKFoods Oyj
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Oma and HKFoods is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Oma Saastopankki Oyj and HKFoods Oyj A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HKFoods Oyj A and Oma Saastopankki 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 Oma Saastopankki Oyj are associated (or correlated) with HKFoods Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HKFoods Oyj A has no effect on the direction of Oma Saastopankki i.e., Oma Saastopankki and HKFoods Oyj go up and down completely randomly.
Pair Corralation between Oma Saastopankki and HKFoods Oyj
Assuming the 90 days trading horizon Oma Saastopankki Oyj is expected to under-perform the HKFoods Oyj. In addition to that, Oma Saastopankki is 1.16 times more volatile than HKFoods Oyj A. It trades about -0.19 of its total potential returns per unit of risk. HKFoods Oyj A is currently generating about 0.28 per unit of volatility. If you would invest 95.00 in HKFoods Oyj A on November 18, 2024 and sell it today you would earn a total of 14.00 from holding HKFoods Oyj A or generate 14.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oma Saastopankki Oyj vs. HKFoods Oyj A
Performance |
| Timeline |
| Oma Saastopankki Oyj |
| HKFoods Oyj A |
Oma Saastopankki and HKFoods Oyj Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oma Saastopankki and HKFoods Oyj
The main advantage of trading using opposite Oma Saastopankki and HKFoods Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oma Saastopankki position performs unexpectedly, HKFoods Oyj 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 HKFoods Oyj will offset losses from the drop in HKFoods Oyj's long position.| Oma Saastopankki vs. Kamux Suomi Oy | Oma Saastopankki vs. Harvia Oyj | Oma Saastopankki vs. TietoEVRY Corp | Oma Saastopankki vs. Tokmanni Group Oyj |
| HKFoods Oyj vs. Aiforia Technologies Oyj | HKFoods Oyj vs. SSH Communications Security | HKFoods Oyj vs. Remedy Entertainment Oyj | HKFoods Oyj vs. Alma Media Oyj |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |