Correlation Between Oslo Exchange and Shelf Drilling
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By analyzing existing cross correlation between Oslo Exchange Mutual and Shelf Drilling, you can compare the effects of market volatilities on Oslo Exchange and Shelf Drilling 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 Shelf Drilling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Shelf Drilling.
Diversification Opportunities for Oslo Exchange and Shelf Drilling
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oslo and Shelf is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Shelf Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shelf Drilling 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 Shelf Drilling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shelf Drilling has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Shelf Drilling go up and down completely randomly.
Pair Corralation between Oslo Exchange and Shelf Drilling
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.24 times more return on investment than Shelf Drilling. However, Oslo Exchange Mutual is 4.15 times less risky than Shelf Drilling. It trades about 0.06 of its potential returns per unit of risk. Shelf Drilling is currently generating about 0.01 per unit of risk. If you would invest 114,130 in Oslo Exchange Mutual on September 3, 2024 and sell it today you would earn a total of 26,832 from holding Oslo Exchange Mutual or generate 23.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. Shelf Drilling
Performance |
| Timeline |
Oslo Exchange and Shelf Drilling Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Shelf Drilling
Pair trading matchups for Shelf Drilling
Pair Trading with Oslo Exchange and Shelf Drilling
The main advantage of trading using opposite Oslo Exchange and Shelf Drilling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Shelf Drilling 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 Shelf Drilling will offset losses from the drop in Shelf Drilling's long position.| Oslo Exchange vs. Austevoll Seafood ASA | Oslo Exchange vs. Grong Sparebank | Oslo Exchange vs. Aurskog Sparebank | Oslo Exchange vs. Sogn Sparebank |
| Shelf Drilling vs. Aker ASA | Shelf Drilling vs. Subsea 7 SA | Shelf Drilling vs. Aker Solutions ASA | Shelf Drilling vs. TGS NOPEC Geophysical |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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