Correlation Between OMX Copenhagen and DSV Panalpina
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By analyzing existing cross correlation between OMX Copenhagen All and DSV Panalpina AS, you can compare the effects of market volatilities on OMX Copenhagen and DSV Panalpina 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 DSV Panalpina. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and DSV Panalpina.
Diversification Opportunities for OMX Copenhagen and DSV Panalpina
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OMX and DSV is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and DSV Panalpina AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DSV Panalpina 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 DSV Panalpina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DSV Panalpina AS has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and DSV Panalpina go up and down completely randomly.
Pair Corralation between OMX Copenhagen and DSV Panalpina
Assuming the 90 days trading horizon OMX Copenhagen is expected to generate 1.13 times less return on investment than DSV Panalpina. But when comparing it to its historical volatility, OMX Copenhagen All is 1.49 times less risky than DSV Panalpina. It trades about 0.03 of its potential returns per unit of risk. DSV Panalpina AS is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 135,106 in DSV Panalpina AS on August 31, 2024 and sell it today you would earn a total of 15,594 from holding DSV Panalpina AS or generate 11.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. DSV Panalpina AS
Performance |
| Timeline |
OMX Copenhagen and DSV Panalpina Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
DSV Panalpina AS
Pair trading matchups for DSV Panalpina
Pair Trading with OMX Copenhagen and DSV Panalpina
The main advantage of trading using opposite OMX Copenhagen and DSV Panalpina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, DSV Panalpina 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 DSV Panalpina will offset losses from the drop in DSV Panalpina's long position.| OMX Copenhagen vs. Laan Spar Bank | OMX Copenhagen vs. NTG Nordic Transport | OMX Copenhagen vs. Vestjysk Bank AS | OMX Copenhagen vs. Lollands Bank |
| DSV Panalpina vs. FLSmidth Co | DSV Panalpina vs. NKT AS | DSV Panalpina vs. GN Store Nord | DSV Panalpina vs. ROCKWOOL International 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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