Correlation Between OMX Copenhagen and Tryg AS
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By analyzing existing cross correlation between OMX Copenhagen All and Tryg AS, you can compare the effects of market volatilities on OMX Copenhagen and Tryg AS 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 Tryg AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Tryg AS.
Diversification Opportunities for OMX Copenhagen and Tryg AS
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OMX and Tryg is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Tryg AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tryg 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 Tryg AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tryg AS has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Tryg AS go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Tryg AS
Assuming the 90 days trading horizon OMX Copenhagen All is expected to under-perform the Tryg AS. In addition to that, OMX Copenhagen is 1.57 times more volatile than Tryg AS. It trades about -0.13 of its total potential returns per unit of risk. Tryg AS is currently generating about 0.01 per unit of volatility. If you would invest 16,170 in Tryg AS on August 25, 2024 and sell it today you would earn a total of 10.00 from holding Tryg AS or generate 0.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
OMX Copenhagen All vs. Tryg AS
Performance |
| Timeline |
OMX Copenhagen and Tryg AS Volatility Contrast
Predicted Return Density |
| Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Tryg AS
Pair trading matchups for Tryg AS
Pair Trading with OMX Copenhagen and Tryg AS
The main advantage of trading using opposite OMX Copenhagen and Tryg AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Tryg AS 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 Tryg AS will offset losses from the drop in Tryg AS's long position.| OMX Copenhagen vs. Nordea Bank Abp | OMX Copenhagen vs. Moens Bank AS | OMX Copenhagen vs. Strategic Investments AS | OMX Copenhagen vs. Prime Office AS |
| Tryg AS vs. Dataproces Group AS | Tryg AS vs. cBrain AS | Tryg AS vs. ALK Abell AS | Tryg AS vs. ChemoMetec 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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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