Correlation Between Oslo Exchange and Helgeland Sparebank
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By analyzing existing cross correlation between Oslo Exchange Mutual and Helgeland Sparebank, you can compare the effects of market volatilities on Oslo Exchange and Helgeland Sparebank 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 Helgeland Sparebank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Helgeland Sparebank.
Diversification Opportunities for Oslo Exchange and Helgeland Sparebank
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oslo and Helgeland is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Helgeland Sparebank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Helgeland Sparebank 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 Helgeland Sparebank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Helgeland Sparebank has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Helgeland Sparebank go up and down completely randomly.
Pair Corralation between Oslo Exchange and Helgeland Sparebank
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.46 times more return on investment than Helgeland Sparebank. However, Oslo Exchange Mutual is 2.2 times less risky than Helgeland Sparebank. It trades about 0.1 of its potential returns per unit of risk. Helgeland Sparebank is currently generating about -0.08 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 Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Helgeland Sparebank
Performance |
| Timeline |
Oslo Exchange and Helgeland Sparebank Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Helgeland Sparebank
Pair trading matchups for Helgeland Sparebank
Pair Trading with Oslo Exchange and Helgeland Sparebank
The main advantage of trading using opposite Oslo Exchange and Helgeland Sparebank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Helgeland Sparebank 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 Helgeland Sparebank will offset losses from the drop in Helgeland Sparebank's long position.| Oslo Exchange vs. SD Standard Drilling | Oslo Exchange vs. Romsdal Sparebank | Oslo Exchange vs. Polaris Media | Oslo Exchange vs. Sunndal Sparebank |
| Helgeland Sparebank vs. DnB ASA | Helgeland Sparebank vs. Gjensidige Forsikring ASA | Helgeland Sparebank vs. Orkla ASA | Helgeland Sparebank vs. Telenor 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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