Correlation Between OMX Stockholm and Cell Impact
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By analyzing existing cross correlation between OMX Stockholm Mid and Cell Impact AB, you can compare the effects of market volatilities on OMX Stockholm and Cell Impact 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 Cell Impact. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Cell Impact.
Diversification Opportunities for OMX Stockholm and Cell Impact
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between OMX and Cell is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Cell Impact AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cell Impact 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 Cell Impact. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cell Impact AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Cell Impact go up and down completely randomly.
Pair Corralation between OMX Stockholm and Cell Impact
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.08 times more return on investment than Cell Impact. However, OMX Stockholm Mid is 12.61 times less risky than Cell Impact. It trades about 0.06 of its potential returns per unit of risk. Cell Impact AB is currently generating about -0.03 per unit of risk. If you would invest 136,896 in OMX Stockholm Mid on November 28, 2024 and sell it today you would earn a total of 35,745 from holding OMX Stockholm Mid or generate 26.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Cell Impact AB
Performance |
| Timeline |
OMX Stockholm and Cell Impact Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Cell Impact AB
Pair trading matchups for Cell Impact
Pair Trading with OMX Stockholm and Cell Impact
The main advantage of trading using opposite OMX Stockholm and Cell Impact positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Cell Impact 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 Cell Impact will offset losses from the drop in Cell Impact's long position.| OMX Stockholm vs. Nordea Bank Abp | OMX Stockholm vs. Media and Games | OMX Stockholm vs. Nitro Games Oyj | OMX Stockholm vs. Vitec Software Group |
| Cell Impact vs. Impact Coatings publ | Cell Impact vs. Powercell Sweden | Cell Impact vs. Oncopeptides AB | Cell Impact vs. SaltX Technology Holding |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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