Correlation Between Oslo Exchange and Hermana Holding
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By analyzing existing cross correlation between Oslo Exchange Mutual and Hermana Holding ASA, you can compare the effects of market volatilities on Oslo Exchange and Hermana Holding 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 Hermana Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Hermana Holding.
Diversification Opportunities for Oslo Exchange and Hermana Holding
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oslo and Hermana is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Hermana Holding ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hermana Holding 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 Hermana Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hermana Holding ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Hermana Holding go up and down completely randomly.
Pair Corralation between Oslo Exchange and Hermana Holding
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.21 times more return on investment than Hermana Holding. However, Oslo Exchange Mutual is 4.84 times less risky than Hermana Holding. It trades about 0.03 of its potential returns per unit of risk. Hermana Holding ASA is currently generating about -0.26 per unit of risk. If you would invest 140,073 in Oslo Exchange Mutual on September 16, 2024 and sell it today you would earn a total of 475.00 from holding Oslo Exchange Mutual or generate 0.34% 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. Hermana Holding ASA
Performance |
| Timeline |
Oslo Exchange and Hermana Holding Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Hermana Holding ASA
Pair trading matchups for Hermana Holding
Pair Trading with Oslo Exchange and Hermana Holding
The main advantage of trading using opposite Oslo Exchange and Hermana Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Hermana Holding 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 Hermana Holding will offset losses from the drop in Hermana Holding's long position.| Oslo Exchange vs. Eidesvik Offshore ASA | Oslo Exchange vs. Nordic Mining ASA | Oslo Exchange vs. Sparebank 1 SMN | Oslo Exchange vs. Morrow Bank ASA |
| Hermana Holding vs. Techstep ASA | Hermana Holding vs. Aasen Sparebank | Hermana Holding vs. Nidaros Sparebank | Hermana Holding vs. Skue Sparebank |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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