Correlation Between OMX Stockholm and Adventure Box
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Stockholm Mid and Adventure Box Technology, you can compare the effects of market volatilities on OMX Stockholm and Adventure Box 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 Adventure Box. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Adventure Box.
Diversification Opportunities for OMX Stockholm and Adventure Box
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OMX and Adventure is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Adventure Box Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Adventure Box Technology 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 Adventure Box. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Adventure Box Technology has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Adventure Box go up and down completely randomly.
Pair Corralation between OMX Stockholm and Adventure Box
Assuming the 90 days trading horizon OMX Stockholm is expected to generate 33.82 times less return on investment than Adventure Box. But when comparing it to its historical volatility, OMX Stockholm Mid is 27.61 times less risky than Adventure Box. It trades about 0.05 of its potential returns per unit of risk. Adventure Box Technology is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 19.00 in Adventure Box Technology on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Adventure Box Technology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.4% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Adventure Box Technology
Performance |
| Timeline |
OMX Stockholm and Adventure Box Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Adventure Box Technology
Pair trading matchups for Adventure Box
Pair Trading with OMX Stockholm and Adventure Box
The main advantage of trading using opposite OMX Stockholm and Adventure Box positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Adventure Box 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 Adventure Box will offset losses from the drop in Adventure Box's long position.| OMX Stockholm vs. Investment AB Oresund | OMX Stockholm vs. MTI Investment SE | OMX Stockholm vs. Kinnevik Investment AB | OMX Stockholm vs. Axfood AB |
| Adventure Box vs. Idogen AB | Adventure Box vs. Clean Motion AB | Adventure Box vs. Arion banki hf | Adventure Box vs. KABE Group 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |