Correlation Between Oslo Exchange and Atea ASA
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By analyzing existing cross correlation between Oslo Exchange Mutual and Atea ASA, you can compare the effects of market volatilities on Oslo Exchange and Atea ASA 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 Atea ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Atea ASA.
Diversification Opportunities for Oslo Exchange and Atea ASA
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oslo and Atea is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Atea ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atea 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 Atea ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atea ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Atea ASA go up and down completely randomly.
Pair Corralation between Oslo Exchange and Atea ASA
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.43 times more return on investment than Atea ASA. However, Oslo Exchange Mutual is 2.33 times less risky than Atea ASA. It trades about 0.1 of its potential returns per unit of risk. Atea ASA is currently generating about -0.04 per unit of risk. If you would invest 140,656 in Oslo Exchange Mutual on August 28, 2024 and sell it today you would earn a total of 1,936 from holding Oslo Exchange Mutual or generate 1.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Atea ASA
Performance |
| Timeline |
Oslo Exchange and Atea ASA Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Atea ASA
Pair trading matchups for Atea ASA
Pair Trading with Oslo Exchange and Atea ASA
The main advantage of trading using opposite Oslo Exchange and Atea ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Atea ASA 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 Atea ASA will offset losses from the drop in Atea ASA's long position.| Oslo Exchange vs. Sparebanken Ost | Oslo Exchange vs. Aasen Sparebank | Oslo Exchange vs. Melhus Sparebank | Oslo Exchange vs. Aurskog Sparebank |
| Atea ASA vs. Gjensidige Forsikring ASA | Atea ASA vs. Veidekke ASA | Atea ASA vs. Orkla ASA | Atea ASA vs. Aker 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 CEOs Directory module to screen CEOs from public companies around the world.
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