Correlation Between OMX Copenhagen and Gabriel Holding
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Copenhagen All and Gabriel Holding, you can compare the effects of market volatilities on OMX Copenhagen and Gabriel Holding 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 Gabriel Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Gabriel Holding.
Diversification Opportunities for OMX Copenhagen and Gabriel Holding
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between OMX and Gabriel is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Gabriel Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabriel Holding 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 Gabriel Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabriel Holding has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Gabriel Holding go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Gabriel Holding
Assuming the 90 days trading horizon OMX Copenhagen All is expected to generate 0.25 times more return on investment than Gabriel Holding. However, OMX Copenhagen All is 3.99 times less risky than Gabriel Holding. It trades about -0.02 of its potential returns per unit of risk. Gabriel Holding is currently generating about -0.16 per unit of risk. If you would invest 172,819 in OMX Copenhagen All on September 1, 2024 and sell it today you would lose (1,524) from holding OMX Copenhagen All or give up 0.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. Gabriel Holding
Performance |
| Timeline |
OMX Copenhagen and Gabriel Holding Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Gabriel Holding
Pair trading matchups for Gabriel Holding
Pair Trading with OMX Copenhagen and Gabriel Holding
The main advantage of trading using opposite OMX Copenhagen and Gabriel Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Gabriel Holding 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 Gabriel Holding will offset losses from the drop in Gabriel Holding's long position.| OMX Copenhagen vs. Lollands Bank | OMX Copenhagen vs. Scandinavian Medical Solutions | OMX Copenhagen vs. Skjern Bank AS | OMX Copenhagen vs. Danske Andelskassers Bank |
| Gabriel Holding vs. SP Group AS | Gabriel Holding vs. Columbus AS | Gabriel Holding vs. Schouw Co | Gabriel Holding vs. RTX 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |