Correlation Between Oslo Exchange and Nordic Semiconductor
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By analyzing existing cross correlation between Oslo Exchange Mutual and Nordic Semiconductor ASA, you can compare the effects of market volatilities on Oslo Exchange and Nordic Semiconductor 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 Nordic Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Nordic Semiconductor.
Diversification Opportunities for Oslo Exchange and Nordic Semiconductor
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oslo and Nordic is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Nordic Semiconductor ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordic Semiconductor 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 Nordic Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordic Semiconductor ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Nordic Semiconductor go up and down completely randomly.
Pair Corralation between Oslo Exchange and Nordic Semiconductor
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.32 times more return on investment than Nordic Semiconductor. However, Oslo Exchange Mutual is 3.14 times less risky than Nordic Semiconductor. It trades about 0.1 of its potential returns per unit of risk. Nordic Semiconductor ASA is currently generating about -0.13 per unit of risk. If you would invest 140,143 in Oslo Exchange Mutual on August 25, 2024 and sell it today you would earn a total of 2,090 from holding Oslo Exchange Mutual or generate 1.49% 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. Nordic Semiconductor ASA
Performance |
| Timeline |
Oslo Exchange and Nordic Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Nordic Semiconductor ASA
Pair trading matchups for Nordic Semiconductor
Pair Trading with Oslo Exchange and Nordic Semiconductor
The main advantage of trading using opposite Oslo Exchange and Nordic Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Nordic Semiconductor 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 Nordic Semiconductor will offset losses from the drop in Nordic Semiconductor's long position.| Oslo Exchange vs. Sparebanken Ost | Oslo Exchange vs. Waste Plastic Upcycling | Oslo Exchange vs. 5Th Planet Games | Oslo Exchange vs. Aurskog Sparebank |
| Nordic Semiconductor vs. Storebrand ASA | Nordic Semiconductor vs. DnB ASA | Nordic Semiconductor vs. Telenor ASA | Nordic Semiconductor vs. Kongsberg Gruppen 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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