Correlation Between OMX Copenhagen and Sparekassen Sjaelland
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By analyzing existing cross correlation between OMX Copenhagen All and Sparekassen Sjaelland Fyn AS, you can compare the effects of market volatilities on OMX Copenhagen and Sparekassen Sjaelland 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 Sparekassen Sjaelland. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Sparekassen Sjaelland.
Diversification Opportunities for OMX Copenhagen and Sparekassen Sjaelland
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OMX and Sparekassen is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Sparekassen Sjaelland Fyn AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sparekassen Sjaelland 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 Sparekassen Sjaelland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sparekassen Sjaelland has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Sparekassen Sjaelland go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Sparekassen Sjaelland
Assuming the 90 days trading horizon OMX Copenhagen is expected to generate 3.22 times less return on investment than Sparekassen Sjaelland. In addition to that, OMX Copenhagen is 1.01 times more volatile than Sparekassen Sjaelland Fyn AS. It trades about 0.13 of its total potential returns per unit of risk. Sparekassen Sjaelland Fyn AS is currently generating about 0.41 per unit of volatility. If you would invest 26,000 in Sparekassen Sjaelland Fyn AS on November 27, 2024 and sell it today you would earn a total of 2,750 from holding Sparekassen Sjaelland Fyn AS or generate 10.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Copenhagen All vs. Sparekassen Sjaelland Fyn AS
Performance |
| Timeline |
OMX Copenhagen and Sparekassen Sjaelland Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Sparekassen Sjaelland Fyn AS
Pair trading matchups for Sparekassen Sjaelland
Pair Trading with OMX Copenhagen and Sparekassen Sjaelland
The main advantage of trading using opposite OMX Copenhagen and Sparekassen Sjaelland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Sparekassen Sjaelland 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 Sparekassen Sjaelland will offset losses from the drop in Sparekassen Sjaelland's long position.| OMX Copenhagen vs. Ringkjoebing Landbobank AS | OMX Copenhagen vs. Nordinvestments AS | OMX Copenhagen vs. Fynske Bank AS | OMX Copenhagen vs. NTG Nordic Transport |
| Sparekassen Sjaelland vs. Sydbank AS | Sparekassen Sjaelland vs. Spar Nord Bank | Sparekassen Sjaelland vs. Per Aarsleff Holding | Sparekassen Sjaelland vs. Vestjysk Bank 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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