Correlation Between Oslo Exchange and Gyldendal ASA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oslo Exchange Mutual and Gyldendal ASA, you can compare the effects of market volatilities on Oslo Exchange and Gyldendal 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 Gyldendal ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Gyldendal ASA.
Diversification Opportunities for Oslo Exchange and Gyldendal ASA
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oslo and Gyldendal is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Gyldendal ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gyldendal 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 Gyldendal ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gyldendal ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Gyldendal ASA go up and down completely randomly.
Pair Corralation between Oslo Exchange and Gyldendal ASA
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.29 times more return on investment than Gyldendal ASA. However, Oslo Exchange Mutual is 3.42 times less risky than Gyldendal ASA. It trades about 0.09 of its potential returns per unit of risk. Gyldendal ASA is currently generating about -0.04 per unit of risk. If you would invest 120,460 in Oslo Exchange Mutual on September 1, 2024 and sell it today you would earn a total of 20,502 from holding Oslo Exchange Mutual or generate 17.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.63% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Gyldendal ASA
Performance |
| Timeline |
Oslo Exchange and Gyldendal ASA Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Gyldendal ASA
Pair trading matchups for Gyldendal ASA
Pair Trading with Oslo Exchange and Gyldendal ASA
The main advantage of trading using opposite Oslo Exchange and Gyldendal ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Gyldendal 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 Gyldendal ASA will offset losses from the drop in Gyldendal ASA's long position.| Oslo Exchange vs. SD Standard Drilling | Oslo Exchange vs. Romsdal Sparebank | Oslo Exchange vs. Polaris Media | Oslo Exchange vs. Sunndal Sparebank |
| Gyldendal ASA vs. Europris ASA | Gyldendal ASA vs. Selvaag Bolig ASA | Gyldendal ASA vs. Storebrand ASA | Gyldendal ASA vs. Kitron 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |