Correlation Between OMX Copenhagen and Agillic AS
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By analyzing existing cross correlation between OMX Copenhagen All and Agillic AS, you can compare the effects of market volatilities on OMX Copenhagen and Agillic AS 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 OMX Copenhagen with a short position of Agillic AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Agillic AS.
Diversification Opportunities for OMX Copenhagen and Agillic AS
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OMX and Agillic is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Agillic AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agillic AS and OMX Copenhagen 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 OMX Copenhagen All are associated (or correlated) with Agillic AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agillic AS has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Agillic AS go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Agillic AS
Assuming the 90 days trading horizon OMX Copenhagen All is expected to generate 0.5 times more return on investment than Agillic AS. However, OMX Copenhagen All is 2.01 times less risky than Agillic AS. It trades about 0.05 of its potential returns per unit of risk. Agillic AS is currently generating about -0.11 per unit of risk. If you would invest 155,130 in OMX Copenhagen All on September 4, 2024 and sell it today you would earn a total of 19,720 from holding OMX Copenhagen All or generate 12.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. Agillic AS
Performance |
| Timeline |
OMX Copenhagen and Agillic AS Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Agillic AS
Pair trading matchups for Agillic AS
Pair Trading with OMX Copenhagen and Agillic AS
The main advantage of trading using opposite OMX Copenhagen and Agillic AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Agillic AS 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 Agillic AS will offset losses from the drop in Agillic AS's long position.| OMX Copenhagen vs. PARKEN Sport Entertainment | OMX Copenhagen vs. Formuepleje Mix Medium | OMX Copenhagen vs. Fynske Bank AS | OMX Copenhagen vs. Nordfyns Bank AS |
| Agillic AS vs. Alefarm Brewing AS | Agillic AS vs. Embla Medical hf | Agillic AS vs. Vestjysk Bank AS | Agillic AS vs. Groenlandsbanken 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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