Correlation Between Oslo Exchange and HydrogenPro
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By analyzing existing cross correlation between Oslo Exchange Mutual and HydrogenPro AS, you can compare the effects of market volatilities on Oslo Exchange and HydrogenPro 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 HydrogenPro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and HydrogenPro.
Diversification Opportunities for Oslo Exchange and HydrogenPro
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oslo and HydrogenPro is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and HydrogenPro AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HydrogenPro AS 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 HydrogenPro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HydrogenPro AS has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and HydrogenPro go up and down completely randomly.
Pair Corralation between Oslo Exchange and HydrogenPro
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.16 times more return on investment than HydrogenPro. However, Oslo Exchange Mutual is 6.3 times less risky than HydrogenPro. It trades about 0.05 of its potential returns per unit of risk. HydrogenPro AS is currently generating about -0.29 per unit of risk. If you would invest 138,173 in Oslo Exchange Mutual on August 29, 2024 and sell it today you would earn a total of 2,571 from holding Oslo Exchange Mutual or generate 1.86% 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. HydrogenPro AS
Performance |
| Timeline |
Oslo Exchange and HydrogenPro Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
HydrogenPro AS
Pair trading matchups for HydrogenPro
Pair Trading with Oslo Exchange and HydrogenPro
The main advantage of trading using opposite Oslo Exchange and HydrogenPro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, HydrogenPro 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 HydrogenPro will offset losses from the drop in HydrogenPro's long position.| Oslo Exchange vs. Lea Bank ASA | Oslo Exchange vs. Sunndal Sparebank | Oslo Exchange vs. Helgeland Sparebank | Oslo Exchange vs. Odfjell Technology |
| HydrogenPro vs. Eidesvik Offshore ASA | HydrogenPro vs. Pareto Bank ASA | HydrogenPro vs. Skue Sparebank | HydrogenPro vs. Sparebanken Ost |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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