Correlation Between OMX Stockholm and Saniona AB
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By analyzing existing cross correlation between OMX Stockholm Mid and Saniona AB TO, you can compare the effects of market volatilities on OMX Stockholm and Saniona AB 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 Saniona AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Saniona AB.
Diversification Opportunities for OMX Stockholm and Saniona AB
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between OMX and Saniona is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Saniona AB TO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saniona AB TO 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 Saniona AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saniona AB TO has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Saniona AB go up and down completely randomly.
Pair Corralation between OMX Stockholm and Saniona AB
Assuming the 90 days trading horizon OMX Stockholm is expected to generate 222.11 times less return on investment than Saniona AB. But when comparing it to its historical volatility, OMX Stockholm Mid is 45.13 times less risky than Saniona AB. It trades about 0.05 of its potential returns per unit of risk. Saniona AB TO is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 64.00 in Saniona AB TO on September 24, 2024 and sell it today you would earn a total of 131.00 from holding Saniona AB TO or generate 204.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Saniona AB TO
Performance |
| Timeline |
OMX Stockholm and Saniona AB Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Saniona AB TO
Pair trading matchups for Saniona AB
Pair Trading with OMX Stockholm and Saniona AB
The main advantage of trading using opposite OMX Stockholm and Saniona AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Saniona AB 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 Saniona AB will offset losses from the drop in Saniona AB's long position.| OMX Stockholm vs. Media and Games | OMX Stockholm vs. Lime Technologies AB | OMX Stockholm vs. Maven Wireless Sweden | OMX Stockholm vs. USWE Sports AB |
| Saniona AB vs. AstraZeneca PLC | Saniona AB vs. Investor AB ser | Saniona AB vs. Investor AB ser | Saniona AB vs. Atlas Copco 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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