Correlation Between Oslo Exchange and Arendals Fossekompani
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By analyzing existing cross correlation between Oslo Exchange Mutual and Arendals Fossekompani ASA, you can compare the effects of market volatilities on Oslo Exchange and Arendals Fossekompani 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 Arendals Fossekompani. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Arendals Fossekompani.
Diversification Opportunities for Oslo Exchange and Arendals Fossekompani
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oslo and Arendals is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Arendals Fossekompani ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Arendals Fossekompani ASA 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 Arendals Fossekompani. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Arendals Fossekompani ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Arendals Fossekompani go up and down completely randomly.
Pair Corralation between Oslo Exchange and Arendals Fossekompani
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.27 times more return on investment than Arendals Fossekompani. However, Oslo Exchange Mutual is 3.67 times less risky than Arendals Fossekompani. It trades about 0.04 of its potential returns per unit of risk. Arendals Fossekompani ASA is currently generating about -0.12 per unit of risk. If you would invest 141,411 in Oslo Exchange Mutual on August 26, 2024 and sell it today you would earn a total of 822.00 from holding Oslo Exchange Mutual or generate 0.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Arendals Fossekompani ASA
Performance |
| Timeline |
Oslo Exchange and Arendals Fossekompani Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Arendals Fossekompani ASA
Pair trading matchups for Arendals Fossekompani
Pair Trading with Oslo Exchange and Arendals Fossekompani
The main advantage of trading using opposite Oslo Exchange and Arendals Fossekompani positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Arendals Fossekompani 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 Arendals Fossekompani will offset losses from the drop in Arendals Fossekompani's long position.| Oslo Exchange vs. Sparebanken Ost | Oslo Exchange vs. Waste Plastic Upcycling | Oslo Exchange vs. 5Th Planet Games | Oslo Exchange vs. Aurskog Sparebank |
| Arendals Fossekompani vs. AF Gruppen ASA | Arendals Fossekompani vs. Aker ASA | Arendals Fossekompani vs. Kitron ASA | Arendals Fossekompani vs. Kongsberg Gruppen 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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