Correlation Between OMX Helsinki and SSAB AB
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By analyzing existing cross correlation between OMX Helsinki 25 and SSAB AB ser, you can compare the effects of market volatilities on OMX Helsinki and SSAB AB 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 SSAB AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and SSAB AB.
Diversification Opportunities for OMX Helsinki and SSAB AB
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between OMX and SSAB is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and SSAB AB ser in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SSAB AB ser 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 SSAB AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SSAB AB ser has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and SSAB AB go up and down completely randomly.
Pair Corralation between OMX Helsinki and SSAB AB
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to under-perform the SSAB AB. But the index apears to be less risky and, when comparing its historical volatility, OMX Helsinki 25 is 2.96 times less risky than SSAB AB. The index trades about -0.31 of its potential returns per unit of risk. The SSAB AB ser is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 444.00 in SSAB AB ser on August 28, 2024 and sell it today you would lose (2.00) from holding SSAB AB ser or give up 0.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Helsinki 25 vs. SSAB AB ser
Performance |
| Timeline |
OMX Helsinki and SSAB AB Volatility Contrast
Predicted Return Density |
| Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
SSAB AB ser
Pair trading matchups for SSAB AB
Pair Trading with OMX Helsinki and SSAB AB
The main advantage of trading using opposite OMX Helsinki and SSAB AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, SSAB AB 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 SSAB AB will offset losses from the drop in SSAB AB's long position.| OMX Helsinki vs. HKFoods Oyj A | OMX Helsinki vs. QPR Software Oyj | OMX Helsinki vs. Sotkamo Silver AB | OMX Helsinki vs. SSH Communications Security |
| SSAB AB vs. Outokumpu Oyj | SSAB AB vs. Nordea Bank Abp | SSAB AB vs. Telia Company AB | SSAB AB vs. Wartsila Oyj Abp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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