Correlation Between OMX Stockholm and Ascelia Pharma
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Stockholm Mid and Ascelia Pharma AB, you can compare the effects of market volatilities on OMX Stockholm and Ascelia Pharma 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 Stockholm with a short position of Ascelia Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Ascelia Pharma.
Diversification Opportunities for OMX Stockholm and Ascelia Pharma
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OMX and Ascelia is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Ascelia Pharma AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ascelia Pharma AB and OMX Stockholm 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 Stockholm Mid are associated (or correlated) with Ascelia Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ascelia Pharma AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Ascelia Pharma go up and down completely randomly.
Pair Corralation between OMX Stockholm and Ascelia Pharma
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.13 times more return on investment than Ascelia Pharma. However, OMX Stockholm Mid is 7.49 times less risky than Ascelia Pharma. It trades about 0.06 of its potential returns per unit of risk. Ascelia Pharma AB is currently generating about 0.0 per unit of risk. If you would invest 128,460 in OMX Stockholm Mid on September 12, 2024 and sell it today you would earn a total of 37,188 from holding OMX Stockholm Mid or generate 28.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Ascelia Pharma AB
Performance |
| Timeline |
OMX Stockholm and Ascelia Pharma Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Ascelia Pharma AB
Pair trading matchups for Ascelia Pharma
Pair Trading with OMX Stockholm and Ascelia Pharma
The main advantage of trading using opposite OMX Stockholm and Ascelia Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Ascelia Pharma 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 Ascelia Pharma will offset losses from the drop in Ascelia Pharma's long position.| OMX Stockholm vs. Zenicor Medical Systems | OMX Stockholm vs. Lundin Mining | OMX Stockholm vs. Neola Medical AB | OMX Stockholm vs. Upsales Technology AB |
| Ascelia Pharma vs. Hansa Biopharma AB | Ascelia Pharma vs. Cantargia AB | Ascelia Pharma vs. Saniona AB | Ascelia Pharma vs. BioArctic AB |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |