Correlation Between OMX Stockholm and HAKI Safety
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Stockholm Mid and HAKI Safety A, you can compare the effects of market volatilities on OMX Stockholm and HAKI Safety 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 HAKI Safety. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and HAKI Safety.
Diversification Opportunities for OMX Stockholm and HAKI Safety
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between OMX and HAKI is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and HAKI Safety A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HAKI Safety A 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 HAKI Safety. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HAKI Safety A has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and HAKI Safety go up and down completely randomly.
Pair Corralation between OMX Stockholm and HAKI Safety
Assuming the 90 days trading horizon OMX Stockholm is expected to generate 2.43 times less return on investment than HAKI Safety. But when comparing it to its historical volatility, OMX Stockholm Mid is 3.83 times less risky than HAKI Safety. It trades about 0.06 of its potential returns per unit of risk. HAKI Safety A is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,170 in HAKI Safety A on September 2, 2024 and sell it today you would earn a total of 710.00 from holding HAKI Safety A or generate 32.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.73% |
| Values | Daily Returns |
OMX Stockholm Mid vs. HAKI Safety A
Performance |
| Timeline |
OMX Stockholm and HAKI Safety Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
HAKI Safety A
Pair trading matchups for HAKI Safety
Pair Trading with OMX Stockholm and HAKI Safety
The main advantage of trading using opposite OMX Stockholm and HAKI Safety positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, HAKI Safety 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 HAKI Safety will offset losses from the drop in HAKI Safety's long position.| OMX Stockholm vs. FormPipe Software AB | OMX Stockholm vs. I Tech | OMX Stockholm vs. G5 Entertainment publ | OMX Stockholm vs. OptiCept Technologies AB |
| HAKI Safety vs. Havsfrun Investment AB | HAKI Safety vs. USWE Sports AB | HAKI Safety vs. Maven Wireless Sweden | HAKI Safety vs. Lohilo Foods 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |