Correlation Between OMX Stockholm and Prostatype Genomics
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By analyzing existing cross correlation between OMX Stockholm Mid and Prostatype Genomics AB, you can compare the effects of market volatilities on OMX Stockholm and Prostatype Genomics 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 Prostatype Genomics. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Prostatype Genomics.
Diversification Opportunities for OMX Stockholm and Prostatype Genomics
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OMX and Prostatype is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Prostatype Genomics AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Prostatype Genomics 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 Prostatype Genomics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Prostatype Genomics has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Prostatype Genomics go up and down completely randomly.
Pair Corralation between OMX Stockholm and Prostatype Genomics
Assuming the 90 days trading horizon OMX Stockholm is expected to generate 9.22 times less return on investment than Prostatype Genomics. But when comparing it to its historical volatility, OMX Stockholm Mid is 19.46 times less risky than Prostatype Genomics. It trades about 0.05 of its potential returns per unit of risk. Prostatype Genomics AB is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 17,231 in Prostatype Genomics AB on September 3, 2024 and sell it today you would lose (16,481) from holding Prostatype Genomics AB or give up 95.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Prostatype Genomics AB
Performance |
| Timeline |
OMX Stockholm and Prostatype Genomics Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Prostatype Genomics AB
Pair trading matchups for Prostatype Genomics
Pair Trading with OMX Stockholm and Prostatype Genomics
The main advantage of trading using opposite OMX Stockholm and Prostatype Genomics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Prostatype Genomics 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 Prostatype Genomics will offset losses from the drop in Prostatype Genomics' long position.| OMX Stockholm vs. Investment AB Oresund | OMX Stockholm vs. MTI Investment SE | OMX Stockholm vs. Kinnevik Investment AB | OMX Stockholm vs. Axfood AB |
| Prostatype Genomics vs. Sprint Bioscience AB | Prostatype Genomics vs. Stayble Therapeutics AB | Prostatype Genomics vs. iZafe Group AB | Prostatype Genomics vs. Idogen 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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