Correlation Between OMX Stockholm and Tellusgruppen
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By analyzing existing cross correlation between OMX Stockholm Mid and Tellusgruppen AB, you can compare the effects of market volatilities on OMX Stockholm and Tellusgruppen 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 Tellusgruppen. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Tellusgruppen.
Diversification Opportunities for OMX Stockholm and Tellusgruppen
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between OMX and Tellusgruppen is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Tellusgruppen AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tellusgruppen 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 Tellusgruppen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tellusgruppen AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Tellusgruppen go up and down completely randomly.
Pair Corralation between OMX Stockholm and Tellusgruppen
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.3 times more return on investment than Tellusgruppen. However, OMX Stockholm Mid is 3.3 times less risky than Tellusgruppen. It trades about 0.1 of its potential returns per unit of risk. Tellusgruppen AB is currently generating about 0.02 per unit of risk. If you would invest 133,705 in OMX Stockholm Mid on September 3, 2024 and sell it today you would earn a total of 31,145 from holding OMX Stockholm Mid or generate 23.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Tellusgruppen AB
Performance |
| Timeline |
OMX Stockholm and Tellusgruppen Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Tellusgruppen AB
Pair trading matchups for Tellusgruppen
Pair Trading with OMX Stockholm and Tellusgruppen
The main advantage of trading using opposite OMX Stockholm and Tellusgruppen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Tellusgruppen 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 Tellusgruppen will offset losses from the drop in Tellusgruppen's 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 |
| Tellusgruppen vs. Image Systems AB | Tellusgruppen vs. Garo AB | Tellusgruppen vs. SECITS Holding AB | Tellusgruppen vs. Ayima Group 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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