Correlation Between Oslo Exchange and SmartCraft ASA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Oslo Exchange Mutual and SmartCraft ASA, you can compare the effects of market volatilities on Oslo Exchange and SmartCraft 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 SmartCraft ASA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and SmartCraft ASA.
Diversification Opportunities for Oslo Exchange and SmartCraft ASA
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oslo and SmartCraft is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and SmartCraft ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SmartCraft 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 SmartCraft ASA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SmartCraft ASA has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and SmartCraft ASA go up and down completely randomly.
Pair Corralation between Oslo Exchange and SmartCraft ASA
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.19 times more return on investment than SmartCraft ASA. However, Oslo Exchange Mutual is 5.22 times less risky than SmartCraft ASA. It trades about 0.13 of its potential returns per unit of risk. SmartCraft ASA is currently generating about -0.11 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 Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oslo Exchange Mutual vs. SmartCraft ASA
Performance |
| Timeline |
Oslo Exchange and SmartCraft ASA Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
SmartCraft ASA
Pair trading matchups for SmartCraft ASA
Pair Trading with Oslo Exchange and SmartCraft ASA
The main advantage of trading using opposite Oslo Exchange and SmartCraft ASA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, SmartCraft 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 SmartCraft ASA will offset losses from the drop in SmartCraft 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 |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |