Correlation Between OMX Copenhagen and BAIGAI
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By analyzing existing cross correlation between OMX Copenhagen All and Investeringsforeningen Bankinvest , you can compare the effects of market volatilities on OMX Copenhagen and BAIGAI 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 BAIGAI. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and BAIGAI.
Diversification Opportunities for OMX Copenhagen and BAIGAI
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OMX and BAIGAI is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Investeringsforeningen Bankinv in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Investeringsforeningen 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 BAIGAI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Investeringsforeningen has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and BAIGAI go up and down completely randomly.
Pair Corralation between OMX Copenhagen and BAIGAI
Assuming the 90 days trading horizon OMX Copenhagen is expected to generate 2.8 times less return on investment than BAIGAI. In addition to that, OMX Copenhagen is 1.59 times more volatile than Investeringsforeningen Bankinvest . It trades about 0.03 of its total potential returns per unit of risk. Investeringsforeningen Bankinvest is currently generating about 0.15 per unit of volatility. If you would invest 11,126 in Investeringsforeningen Bankinvest on August 29, 2024 and sell it today you would earn a total of 3,359 from holding Investeringsforeningen Bankinvest or generate 30.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. Investeringsforeningen Bankinv
Performance |
| Timeline |
OMX Copenhagen and BAIGAI Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Investeringsforeningen Bankinvest
Pair trading matchups for BAIGAI
Pair Trading with OMX Copenhagen and BAIGAI
The main advantage of trading using opposite OMX Copenhagen and BAIGAI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, BAIGAI 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 BAIGAI will offset losses from the drop in BAIGAI's long position.| OMX Copenhagen vs. Strategic Investments AS | OMX Copenhagen vs. Nordinvestments AS | OMX Copenhagen vs. Groenlandsbanken AS | OMX Copenhagen vs. Kreditbanken AS |
| BAIGAI vs. Sparinvest Lange | BAIGAI vs. Investeringsforeningen Danske Invest | BAIGAI vs. Sparinv SICAV | BAIGAI vs. Sparinvest Value Emerging |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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