Correlation Between OMX Helsinki and Konecranes Plc
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By analyzing existing cross correlation between OMX Helsinki 25 and Konecranes Plc, you can compare the effects of market volatilities on OMX Helsinki and Konecranes Plc 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 Helsinki with a short position of Konecranes Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and Konecranes Plc.
Diversification Opportunities for OMX Helsinki and Konecranes Plc
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OMX and Konecranes is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and Konecranes Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Konecranes Plc and OMX Helsinki 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 Helsinki 25 are associated (or correlated) with Konecranes Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Konecranes Plc has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and Konecranes Plc go up and down completely randomly.
Pair Corralation between OMX Helsinki and Konecranes Plc
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to under-perform the Konecranes Plc. But the index apears to be less risky and, when comparing its historical volatility, OMX Helsinki 25 is 2.29 times less risky than Konecranes Plc. The index trades about -0.26 of its potential returns per unit of risk. The Konecranes Plc is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 6,600 in Konecranes Plc on August 25, 2024 and sell it today you would lose (250.00) from holding Konecranes Plc or give up 3.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Helsinki 25 vs. Konecranes Plc
Performance |
| Timeline |
OMX Helsinki and Konecranes Plc Volatility Contrast
Predicted Return Density |
| Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
Konecranes Plc
Pair trading matchups for Konecranes Plc
Pair Trading with OMX Helsinki and Konecranes Plc
The main advantage of trading using opposite OMX Helsinki and Konecranes Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, Konecranes Plc 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 Konecranes Plc will offset losses from the drop in Konecranes Plc's long position.| OMX Helsinki vs. Trainers House Oyj | OMX Helsinki vs. Detection Technology OY | OMX Helsinki vs. Alma Media Oyj | OMX Helsinki vs. Sotkamo Silver AB |
| Konecranes Plc vs. Cargotec Oyj | Konecranes Plc vs. Sampo Oyj A | Konecranes Plc vs. Wartsila Oyj Abp | Konecranes Plc vs. Valmet Oyj |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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