Correlation Between OMX Stockholm and Acrinova
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By analyzing existing cross correlation between OMX Stockholm Mid and Acrinova AB, you can compare the effects of market volatilities on OMX Stockholm and Acrinova 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 Acrinova. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Acrinova.
Diversification Opportunities for OMX Stockholm and Acrinova
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between OMX and Acrinova is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Acrinova AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acrinova 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 Acrinova. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acrinova AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Acrinova go up and down completely randomly.
Pair Corralation between OMX Stockholm and Acrinova
Assuming the 90 days trading horizon OMX Stockholm is expected to generate 2.4 times less return on investment than Acrinova. But when comparing it to its historical volatility, OMX Stockholm Mid is 4.42 times less risky than Acrinova. It trades about 0.06 of its potential returns per unit of risk. Acrinova AB is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 756.00 in Acrinova AB on September 5, 2024 and sell it today you would earn a total of 184.00 from holding Acrinova AB or generate 24.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Acrinova AB
Performance |
| Timeline |
OMX Stockholm and Acrinova Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Acrinova AB
Pair trading matchups for Acrinova
Pair Trading with OMX Stockholm and Acrinova
The main advantage of trading using opposite OMX Stockholm and Acrinova positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Acrinova 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 Acrinova will offset losses from the drop in Acrinova's long position.| OMX Stockholm vs. Nordic Asia Investment | OMX Stockholm vs. Invisio Communications AB | OMX Stockholm vs. White Pearl Technology | OMX Stockholm vs. Lohilo Foods AB |
| Acrinova vs. Acrinova AB Series | Acrinova vs. K2A Knaust Andersson | Acrinova vs. Eastnine AB | Acrinova vs. Fastator 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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