Correlation Between OMX Stockholm and Triboron International
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By analyzing existing cross correlation between OMX Stockholm Mid and Triboron International AB, you can compare the effects of market volatilities on OMX Stockholm and Triboron International 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 Triboron International. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Triboron International.
Diversification Opportunities for OMX Stockholm and Triboron International
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between OMX and Triboron is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Triboron International AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triboron International 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 Triboron International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triboron International has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Triboron International go up and down completely randomly.
Pair Corralation between OMX Stockholm and Triboron International
Assuming the 90 days trading horizon OMX Stockholm is expected to generate 2.57 times less return on investment than Triboron International. But when comparing it to its historical volatility, OMX Stockholm Mid is 6.7 times less risky than Triboron International. It trades about 0.05 of its potential returns per unit of risk. Triboron International AB is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 52.00 in Triboron International AB on September 2, 2024 and sell it today you would lose (12.00) from holding Triboron International AB or give up 23.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Triboron International AB
Performance |
| Timeline |
OMX Stockholm and Triboron International Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Triboron International AB
Pair trading matchups for Triboron International
Pair Trading with OMX Stockholm and Triboron International
The main advantage of trading using opposite OMX Stockholm and Triboron International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Triboron International 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 Triboron International will offset losses from the drop in Triboron International's long position.| OMX Stockholm vs. FormPipe Software AB | OMX Stockholm vs. I Tech | OMX Stockholm vs. G5 Entertainment publ | OMX Stockholm vs. OptiCept Technologies AB |
| Triboron International vs. SaltX Technology Holding | Triboron International vs. Nexam Chemical Holding | Triboron International vs. AAC Clyde Space |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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