Correlation Between Oslo Exchange and TGS NOPEC
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By analyzing existing cross correlation between Oslo Exchange Mutual and TGS NOPEC Geophysical, you can compare the effects of market volatilities on Oslo Exchange and TGS NOPEC 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 TGS NOPEC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and TGS NOPEC.
Diversification Opportunities for Oslo Exchange and TGS NOPEC
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Oslo and TGS is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and TGS NOPEC Geophysical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TGS NOPEC Geophysical 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 TGS NOPEC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TGS NOPEC Geophysical has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and TGS NOPEC go up and down completely randomly.
Pair Corralation between Oslo Exchange and TGS NOPEC
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.3 times more return on investment than TGS NOPEC. However, Oslo Exchange Mutual is 3.37 times less risky than TGS NOPEC. It trades about 0.06 of its potential returns per unit of risk. TGS NOPEC Geophysical is currently generating about 0.01 per unit of risk. If you would invest 112,178 in Oslo Exchange Mutual on September 2, 2024 and sell it today you would earn a total of 28,784 from holding Oslo Exchange Mutual or generate 25.66% 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. TGS NOPEC Geophysical
Performance |
| Timeline |
Oslo Exchange and TGS NOPEC Volatility Contrast
Predicted Return Density |
| Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
TGS NOPEC Geophysical
Pair trading matchups for TGS NOPEC
Pair Trading with Oslo Exchange and TGS NOPEC
The main advantage of trading using opposite Oslo Exchange and TGS NOPEC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, TGS NOPEC 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 TGS NOPEC will offset losses from the drop in TGS NOPEC's long position.| Oslo Exchange vs. Oslo OBX Stock | Oslo Exchange vs. Oslo All Share | Oslo Exchange vs. OBX Technology GR | Oslo Exchange vs. OBX Utilities GR |
| TGS NOPEC vs. Subsea 7 SA | TGS NOPEC vs. Storebrand ASA | TGS NOPEC vs. Aker Solutions ASA | TGS NOPEC vs. Dno ASA |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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