Correlation Between OMX Stockholm and Moment Group
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By analyzing existing cross correlation between OMX Stockholm Mid and Moment Group AB, you can compare the effects of market volatilities on OMX Stockholm and Moment Group 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 Moment Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Moment Group.
Diversification Opportunities for OMX Stockholm and Moment Group
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between OMX and Moment is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Moment Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moment Group 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 Moment Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moment Group AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Moment Group go up and down completely randomly.
Pair Corralation between OMX Stockholm and Moment Group
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to under-perform the Moment Group. But the index apears to be less risky and, when comparing its historical volatility, OMX Stockholm Mid is 7.27 times less risky than Moment Group. The index trades about -0.05 of its potential returns per unit of risk. The Moment Group AB is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,060 in Moment Group AB on September 12, 2024 and sell it today you would lose (20.00) from holding Moment Group AB or give up 1.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Moment Group AB
Performance |
| Timeline |
OMX Stockholm and Moment Group Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Moment Group AB
Pair trading matchups for Moment Group
Pair Trading with OMX Stockholm and Moment Group
The main advantage of trading using opposite OMX Stockholm and Moment Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Moment Group 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 Moment Group will offset losses from the drop in Moment Group's long position.| OMX Stockholm vs. Zenicor Medical Systems | OMX Stockholm vs. Lundin Mining | OMX Stockholm vs. Neola Medical AB | OMX Stockholm vs. Upsales Technology AB |
| Moment Group vs. Karolinska Development AB | Moment Group vs. Oncopeptides AB | Moment Group vs. Episurf Medical 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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