Correlation Between OMX Stockholm and Enad Global
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By analyzing existing cross correlation between OMX Stockholm Mid and Enad Global 7, you can compare the effects of market volatilities on OMX Stockholm and Enad Global 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 Enad Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Enad Global.
Diversification Opportunities for OMX Stockholm and Enad Global
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OMX and Enad is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Enad Global 7 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enad Global 7 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 Enad Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enad Global 7 has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Enad Global go up and down completely randomly.
Pair Corralation between OMX Stockholm and Enad Global
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.36 times more return on investment than Enad Global. However, OMX Stockholm Mid is 2.74 times less risky than Enad Global. It trades about 0.26 of its potential returns per unit of risk. Enad Global 7 is currently generating about -0.16 per unit of risk. If you would invest 165,947 in OMX Stockholm Mid on November 27, 2024 and sell it today you would earn a total of 6,520 from holding OMX Stockholm Mid or generate 3.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Enad Global 7
Performance |
| Timeline |
OMX Stockholm and Enad Global Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Enad Global 7
Pair trading matchups for Enad Global
Pair Trading with OMX Stockholm and Enad Global
The main advantage of trading using opposite OMX Stockholm and Enad Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Enad Global 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 Enad Global will offset losses from the drop in Enad Global's long position.| OMX Stockholm vs. Catena Media plc | OMX Stockholm vs. USWE Sports AB | OMX Stockholm vs. Scandic Hotels Group | OMX Stockholm vs. FormPipe Software AB |
| Enad Global vs. Stillfront Group AB | Enad Global vs. Embracer Group AB | Enad Global vs. G5 Entertainment publ | Enad Global vs. Sinch 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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