Correlation Between Oslo Exchange and Scatec Solar
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By analyzing existing cross correlation between Oslo Exchange Mutual and Scatec Solar OL, you can compare the effects of market volatilities on Oslo Exchange and Scatec Solar 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 Scatec Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Scatec Solar.
Diversification Opportunities for Oslo Exchange and Scatec Solar
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Oslo and Scatec is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Scatec Solar OL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scatec Solar OL 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 Scatec Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scatec Solar OL has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Scatec Solar go up and down completely randomly.
Pair Corralation between Oslo Exchange and Scatec Solar
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.28 times more return on investment than Scatec Solar. However, Oslo Exchange Mutual is 3.54 times less risky than Scatec Solar. It trades about 0.06 of its potential returns per unit of risk. Scatec Solar OL is currently generating about 0.01 per unit of risk. If you would invest 111,289 in Oslo Exchange Mutual on August 29, 2024 and sell it today you would earn a total of 29,455 from holding Oslo Exchange Mutual or generate 26.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Scatec Solar OL
Performance |
| Timeline |
Oslo Exchange and Scatec Solar Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Scatec Solar OL
Pair trading matchups for Scatec Solar
Pair Trading with Oslo Exchange and Scatec Solar
The main advantage of trading using opposite Oslo Exchange and Scatec Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Scatec Solar 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 Scatec Solar will offset losses from the drop in Scatec Solar's long position.| Oslo Exchange vs. Lea Bank ASA | Oslo Exchange vs. Sunndal Sparebank | Oslo Exchange vs. Helgeland Sparebank | Oslo Exchange vs. Odfjell Technology |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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