Correlation Between OMX Copenhagen and Shape Robotics
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Copenhagen All and Shape Robotics AS, you can compare the effects of market volatilities on OMX Copenhagen and Shape Robotics 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 Shape Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Shape Robotics.
Diversification Opportunities for OMX Copenhagen and Shape Robotics
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between OMX and Shape is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Shape Robotics AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shape Robotics 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 Shape Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shape Robotics AS has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Shape Robotics go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Shape Robotics
Assuming the 90 days trading horizon OMX Copenhagen All is expected to under-perform the Shape Robotics. But the index apears to be less risky and, when comparing its historical volatility, OMX Copenhagen All is 6.18 times less risky than Shape Robotics. The index trades about -0.08 of its potential returns per unit of risk. The Shape Robotics AS is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,800 in Shape Robotics AS on August 29, 2024 and sell it today you would earn a total of 200.00 from holding Shape Robotics AS or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. Shape Robotics AS
Performance |
| Timeline |
OMX Copenhagen and Shape Robotics Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Shape Robotics AS
Pair trading matchups for Shape Robotics
Pair Trading with OMX Copenhagen and Shape Robotics
The main advantage of trading using opposite OMX Copenhagen and Shape Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Shape Robotics 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 Shape Robotics will offset losses from the drop in Shape Robotics' long position.| OMX Copenhagen vs. Formuepleje Mix Medium | OMX Copenhagen vs. PARKEN Sport Entertainment | OMX Copenhagen vs. Danske Andelskassers Bank | OMX Copenhagen vs. Scandinavian Medical Solutions |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |