Correlation Between Oslo Exchange and Okea ASA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oslo Exchange Mutual and Okea ASA, you can compare the effects of market volatilities on Oslo Exchange and Okea ASA 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 Okea ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Okea ASA.
Diversification Opportunities for Oslo Exchange and Okea ASA
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oslo and Okea is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Okea ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Okea 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 Okea ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Okea ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Okea ASA go up and down completely randomly.
Pair Corralation between Oslo Exchange and Okea ASA
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.37 times more return on investment than Okea ASA. However, Oslo Exchange Mutual is 2.72 times less risky than Okea ASA. It trades about 0.13 of its potential returns per unit of risk. Okea ASA is currently generating about -0.18 per unit of risk. If you would invest 138,551 in Oslo Exchange Mutual on September 3, 2024 and sell it today you would earn a total of 2,411 from holding Oslo Exchange Mutual or generate 1.74% 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. Okea ASA
Performance |
| Timeline |
Oslo Exchange and Okea ASA Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Okea ASA
Pair trading matchups for Okea ASA
Pair Trading with Oslo Exchange and Okea ASA
The main advantage of trading using opposite Oslo Exchange and Okea ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Okea ASA 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 Okea ASA will offset losses from the drop in Okea ASA's long position.| Oslo Exchange vs. Austevoll Seafood ASA | Oslo Exchange vs. Grong Sparebank | Oslo Exchange vs. Aurskog Sparebank | Oslo Exchange vs. Sogn Sparebank |
| Okea ASA vs. Nordic Mining ASA | Okea ASA vs. Gaming Innovation Group | Okea ASA vs. Sea1 Offshore | Okea ASA vs. River Tech plc |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |