Correlation Between Oslo Exchange and Petronor
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By analyzing existing cross correlation between Oslo Exchange Mutual and Petronor EP, you can compare the effects of market volatilities on Oslo Exchange and Petronor 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 Petronor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Petronor.
Diversification Opportunities for Oslo Exchange and Petronor
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Oslo and Petronor is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Petronor EP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petronor EP 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 Petronor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petronor EP has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Petronor go up and down completely randomly.
Pair Corralation between Oslo Exchange and Petronor
Assuming the 90 days trading horizon Oslo Exchange is expected to generate 2.78 times less return on investment than Petronor. But when comparing it to its historical volatility, Oslo Exchange Mutual is 3.57 times less risky than Petronor. It trades about 0.1 of its potential returns per unit of risk. Petronor EP is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 966.00 in Petronor EP on September 1, 2024 and sell it today you would earn a total of 36.00 from holding Petronor EP or generate 3.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Petronor EP
Performance |
| Timeline |
Oslo Exchange and Petronor Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Petronor EP
Pair trading matchups for Petronor
Pair Trading with Oslo Exchange and Petronor
The main advantage of trading using opposite Oslo Exchange and Petronor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Petronor 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 Petronor will offset losses from the drop in Petronor's long position.| Oslo Exchange vs. SD Standard Drilling | Oslo Exchange vs. Romsdal Sparebank | Oslo Exchange vs. Polaris Media | Oslo Exchange vs. Sunndal Sparebank |
| Petronor vs. Odfjell Drilling | Petronor vs. Sparebank 1 SMN | Petronor vs. NorAm Drilling AS | Petronor vs. Romerike 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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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