Correlation Between OMX Helsinki and Tamtron Group
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Helsinki 25 and Tamtron Group Oyj, you can compare the effects of market volatilities on OMX Helsinki and Tamtron Group 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 Tamtron Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and Tamtron Group.
Diversification Opportunities for OMX Helsinki and Tamtron Group
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OMX and Tamtron is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and Tamtron Group Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tamtron Group Oyj 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 Tamtron Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tamtron Group Oyj has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and Tamtron Group go up and down completely randomly.
Pair Corralation between OMX Helsinki and Tamtron Group
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to under-perform the Tamtron Group. But the index apears to be less risky and, when comparing its historical volatility, OMX Helsinki 25 is 1.88 times less risky than Tamtron Group. The index trades about -0.09 of its potential returns per unit of risk. The Tamtron Group Oyj is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 548.00 in Tamtron Group Oyj on August 28, 2024 and sell it today you would earn a total of 24.00 from holding Tamtron Group Oyj or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Helsinki 25 vs. Tamtron Group Oyj
Performance |
| Timeline |
OMX Helsinki and Tamtron Group Volatility Contrast
Predicted Return Density |
| Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
Tamtron Group Oyj
Pair trading matchups for Tamtron Group
Pair Trading with OMX Helsinki and Tamtron Group
The main advantage of trading using opposite OMX Helsinki and Tamtron Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, Tamtron Group 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 Tamtron Group will offset losses from the drop in Tamtron Group'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 |
| Tamtron Group vs. Detection Technology OY | Tamtron Group vs. HKFoods Oyj A | Tamtron Group vs. Aiforia Technologies Oyj | Tamtron Group vs. Trainers House 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |