Correlation Between OMX Stockholm and Scibase AB
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Stockholm Mid and Scibase AB, you can compare the effects of market volatilities on OMX Stockholm and Scibase 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 Scibase AB. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Scibase AB.
Diversification Opportunities for OMX Stockholm and Scibase AB
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OMX and Scibase is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Scibase AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scibase 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 Scibase AB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scibase AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Scibase AB go up and down completely randomly.
Pair Corralation between OMX Stockholm and Scibase AB
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.18 times more return on investment than Scibase AB. However, OMX Stockholm Mid is 5.6 times less risky than Scibase AB. It trades about 0.04 of its potential returns per unit of risk. Scibase AB is currently generating about -0.03 per unit of risk. If you would invest 135,305 in OMX Stockholm Mid on January 22, 2025 and sell it today you would earn a total of 21,573 from holding OMX Stockholm Mid or generate 15.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Scibase AB
Performance |
| Timeline |
OMX Stockholm and Scibase AB Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Scibase AB
Pair trading matchups for Scibase AB
Pair Trading with OMX Stockholm and Scibase AB
The main advantage of trading using opposite OMX Stockholm and Scibase AB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Scibase 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 Scibase AB will offset losses from the drop in Scibase AB's long position.| OMX Stockholm vs. FormPipe Software AB | OMX Stockholm vs. Invisio Communications AB | OMX Stockholm vs. Upsales Technology AB | OMX Stockholm vs. Maven Wireless Sweden |
| Scibase AB vs. Acarix AS | Scibase AB vs. Episurf Medical AB | Scibase AB vs. Xbrane Biopharma AB | Scibase AB vs. Scandinavian Enviro Systems |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Stocks Directory Find actively traded stocks across global markets | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |