Correlation Between OMX Copenhagen and Per Aarsleff
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By analyzing existing cross correlation between OMX Copenhagen All and Per Aarsleff Holding, you can compare the effects of market volatilities on OMX Copenhagen and Per Aarsleff 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 Per Aarsleff. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Per Aarsleff.
Diversification Opportunities for OMX Copenhagen and Per Aarsleff
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OMX and Per is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Per Aarsleff Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Per Aarsleff 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 Per Aarsleff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Per Aarsleff Holding has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Per Aarsleff go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Per Aarsleff
Assuming the 90 days trading horizon OMX Copenhagen is expected to generate 3.18 times less return on investment than Per Aarsleff. But when comparing it to its historical volatility, OMX Copenhagen All is 1.53 times less risky than Per Aarsleff. It trades about 0.05 of its potential returns per unit of risk. Per Aarsleff Holding is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 21,639 in Per Aarsleff Holding on August 29, 2024 and sell it today you would earn a total of 23,661 from holding Per Aarsleff Holding or generate 109.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. Per Aarsleff Holding
Performance |
| Timeline |
OMX Copenhagen and Per Aarsleff Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Per Aarsleff Holding
Pair trading matchups for Per Aarsleff
Pair Trading with OMX Copenhagen and Per Aarsleff
The main advantage of trading using opposite OMX Copenhagen and Per Aarsleff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Per Aarsleff 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 Per Aarsleff will offset losses from the drop in Per Aarsleff's long position.| OMX Copenhagen vs. Strategic Investments AS | OMX Copenhagen vs. Nordinvestments AS | OMX Copenhagen vs. Groenlandsbanken AS | OMX Copenhagen vs. Kreditbanken AS |
| Per Aarsleff vs. Schouw Co | Per Aarsleff vs. ROCKWOOL International AS | Per Aarsleff vs. Royal Unibrew AS | Per Aarsleff vs. Matas 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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