Correlation Between OMX Copenhagen and Nordea Invest
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By analyzing existing cross correlation between OMX Copenhagen All and Nordea Invest Aktier, you can compare the effects of market volatilities on OMX Copenhagen and Nordea Invest 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 Nordea Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Nordea Invest.
Diversification Opportunities for OMX Copenhagen and Nordea Invest
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OMX and Nordea is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Nordea Invest Aktier in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordea Invest Aktier 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 Nordea Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordea Invest Aktier has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Nordea Invest go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Nordea Invest
Assuming the 90 days trading horizon OMX Copenhagen All is expected to under-perform the Nordea Invest. In addition to that, OMX Copenhagen is 1.54 times more volatile than Nordea Invest Aktier. It trades about -0.08 of its total potential returns per unit of risk. Nordea Invest Aktier is currently generating about 0.08 per unit of volatility. If you would invest 51,860 in Nordea Invest Aktier on September 19, 2024 and sell it today you would earn a total of 3,330 from holding Nordea Invest Aktier or generate 6.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 79.69% |
| Values | Daily Returns |
OMX Copenhagen All vs. Nordea Invest Aktier
Performance |
| Timeline |
OMX Copenhagen and Nordea Invest Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Nordea Invest Aktier
Pair trading matchups for Nordea Invest
Pair Trading with OMX Copenhagen and Nordea Invest
The main advantage of trading using opposite OMX Copenhagen and Nordea Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Nordea Invest 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 Nordea Invest will offset losses from the drop in Nordea Invest's long position.| OMX Copenhagen vs. BankInvest Value Globale | OMX Copenhagen vs. Hvidbjerg Bank | OMX Copenhagen vs. Scandinavian Medical Solutions | OMX Copenhagen vs. Groenlandsbanken AS |
| Nordea Invest vs. Strategic Investments AS | Nordea Invest vs. Sydbank AS | Nordea Invest vs. NTG Nordic Transport | Nordea Invest vs. Nordinvestments 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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