Correlation Between Oslo Exchange and Nordic Mining
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By analyzing existing cross correlation between Oslo Exchange Mutual and Nordic Mining ASA, you can compare the effects of market volatilities on Oslo Exchange and Nordic Mining 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 Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Nordic Mining.
Diversification Opportunities for Oslo Exchange and Nordic Mining
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oslo and Nordic is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Nordic Mining ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nordic Mining 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 Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nordic Mining ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Nordic Mining go up and down completely randomly.
Pair Corralation between Oslo Exchange and Nordic Mining
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.35 times more return on investment than Nordic Mining. However, Oslo Exchange Mutual is 2.87 times less risky than Nordic Mining. It trades about 0.02 of its potential returns per unit of risk. Nordic Mining ASA is currently generating about -0.07 per unit of risk. If you would invest 140,637 in Oslo Exchange Mutual on August 31, 2024 and sell it today you would earn a total of 325.00 from holding Oslo Exchange Mutual or generate 0.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Nordic Mining ASA
Performance |
| Timeline |
Oslo Exchange and Nordic Mining Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Nordic Mining ASA
Pair trading matchups for Nordic Mining
Pair Trading with Oslo Exchange and Nordic Mining
The main advantage of trading using opposite Oslo Exchange and Nordic Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Nordic Mining 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 Mining will offset losses from the drop in Nordic Mining's long position.| Oslo Exchange vs. Proximar Seafood AS | Oslo Exchange vs. Melhus Sparebank | Oslo Exchange vs. Clean Seas Seafood | Oslo Exchange vs. Lea Bank ASA |
| Nordic Mining vs. Elkem ASA | Nordic Mining vs. Integrated Wind Solutions | Nordic Mining vs. Vow ASA | Nordic Mining vs. North Energy 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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