Correlation Between Oslo Exchange and Axactor SE
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By analyzing existing cross correlation between Oslo Exchange Mutual and Axactor SE, you can compare the effects of market volatilities on Oslo Exchange and Axactor SE 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 Oslo Exchange with a short position of Axactor SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Axactor SE.
Diversification Opportunities for Oslo Exchange and Axactor SE
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oslo and Axactor is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Axactor SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axactor SE and Oslo Exchange 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 Oslo Exchange Mutual are associated (or correlated) with Axactor SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axactor SE has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Axactor SE go up and down completely randomly.
Pair Corralation between Oslo Exchange and Axactor SE
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.2 times more return on investment than Axactor SE. However, Oslo Exchange Mutual is 4.98 times less risky than Axactor SE. It trades about 0.1 of its potential returns per unit of risk. Axactor SE is currently generating about -0.09 per unit of risk. If you would invest 138,987 in Oslo Exchange Mutual on September 1, 2024 and sell it today you would earn a total of 1,975 from holding Oslo Exchange Mutual or generate 1.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Axactor SE
Performance |
| Timeline |
Oslo Exchange and Axactor SE Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Axactor SE
Pair trading matchups for Axactor SE
Pair Trading with Oslo Exchange and Axactor SE
The main advantage of trading using opposite Oslo Exchange and Axactor SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Axactor SE 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 Axactor SE will offset losses from the drop in Axactor SE's long position.| Oslo Exchange vs. SD Standard Drilling | Oslo Exchange vs. Romsdal Sparebank | Oslo Exchange vs. Polaris Media | Oslo Exchange vs. Sunndal Sparebank |
| Axactor SE vs. Storebrand ASA | Axactor SE vs. Aker BP ASA | Axactor SE vs. MPC Container Ships | Axactor SE vs. Norske Skog Asa |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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