Correlation Between OMX Stockholm and Viaplay Group
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By analyzing existing cross correlation between OMX Stockholm Mid and Viaplay Group AB, you can compare the effects of market volatilities on OMX Stockholm and Viaplay Group 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 Viaplay Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Viaplay Group.
Diversification Opportunities for OMX Stockholm and Viaplay Group
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OMX and Viaplay is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Viaplay Group AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viaplay Group 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 Viaplay Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viaplay Group AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Viaplay Group go up and down completely randomly.
Pair Corralation between OMX Stockholm and Viaplay Group
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.18 times more return on investment than Viaplay Group. However, OMX Stockholm Mid is 5.52 times less risky than Viaplay Group. It trades about -0.25 of its potential returns per unit of risk. Viaplay Group AB is currently generating about -0.05 per unit of risk. If you would invest 167,920 in OMX Stockholm Mid on August 29, 2024 and sell it today you would lose (7,245) from holding OMX Stockholm Mid or give up 4.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
OMX Stockholm Mid vs. Viaplay Group AB
Performance |
| Timeline |
OMX Stockholm and Viaplay Group Volatility Contrast
Predicted Return Density |
| Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Viaplay Group AB
Pair trading matchups for Viaplay Group
Pair Trading with OMX Stockholm and Viaplay Group
The main advantage of trading using opposite OMX Stockholm and Viaplay Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Viaplay Group 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 Viaplay Group will offset losses from the drop in Viaplay Group's long position.| OMX Stockholm vs. Skandinaviska Enskilda Banken | OMX Stockholm vs. Indutrade AB | OMX Stockholm vs. Arion banki hf | OMX Stockholm vs. Fractal Gaming Group |
| Viaplay Group vs. Truecaller AB | Viaplay Group vs. Millicom International Cellular | Viaplay Group vs. Tele2 AB | Viaplay Group vs. BHG 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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