Correlation Between OMX Stockholm and Lipigon Pharmaceuticals
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By analyzing existing cross correlation between OMX Stockholm Mid and Lipigon Pharmaceuticals AB, you can compare the effects of market volatilities on OMX Stockholm and Lipigon Pharmaceuticals 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 Lipigon Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Lipigon Pharmaceuticals.
Diversification Opportunities for OMX Stockholm and Lipigon Pharmaceuticals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OMX and Lipigon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Lipigon Pharmaceuticals AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lipigon Pharmaceuticals 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 Lipigon Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lipigon Pharmaceuticals has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Lipigon Pharmaceuticals go up and down completely randomly.
Pair Corralation between OMX Stockholm and Lipigon Pharmaceuticals
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.13 times more return on investment than Lipigon Pharmaceuticals. However, OMX Stockholm Mid is 7.66 times less risky than Lipigon Pharmaceuticals. It trades about 0.06 of its potential returns per unit of risk. Lipigon Pharmaceuticals AB is currently generating about -0.02 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 | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Lipigon Pharmaceuticals AB
Performance |
| Timeline |
OMX Stockholm and Lipigon Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Lipigon Pharmaceuticals AB
Pair trading matchups for Lipigon Pharmaceuticals
Pair Trading with OMX Stockholm and Lipigon Pharmaceuticals
The main advantage of trading using opposite OMX Stockholm and Lipigon Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Lipigon Pharmaceuticals 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 Lipigon Pharmaceuticals will offset losses from the drop in Lipigon Pharmaceuticals' 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 |
| Lipigon Pharmaceuticals vs. Sprint Bioscience AB | Lipigon Pharmaceuticals vs. BioArctic AB | Lipigon Pharmaceuticals vs. Veg of Lund | Lipigon Pharmaceuticals vs. Ascelia Pharma 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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