Correlation Between Skue Sparebank and Oslo Exchange
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By analyzing existing cross correlation between Skue Sparebank and Oslo Exchange Mutual, you can compare the effects of market volatilities on Skue Sparebank and Oslo Exchange 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 Skue Sparebank with a short position of Oslo Exchange. Check out your portfolio center. Please also check ongoing floating volatility patterns of Skue Sparebank and Oslo Exchange.
Diversification Opportunities for Skue Sparebank and Oslo Exchange
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Skue and Oslo is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Skue Sparebank and Oslo Exchange Mutual in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oslo Exchange Mutual and Skue Sparebank 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 Skue Sparebank are associated (or correlated) with Oslo Exchange. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oslo Exchange Mutual has no effect on the direction of Skue Sparebank i.e., Skue Sparebank and Oslo Exchange go up and down completely randomly.
Pair Corralation between Skue Sparebank and Oslo Exchange
Assuming the 90 days trading horizon Skue Sparebank is expected to generate 1.99 times more return on investment than Oslo Exchange. However, Skue Sparebank is 1.99 times more volatile than Oslo Exchange Mutual. It trades about 0.07 of its potential returns per unit of risk. Oslo Exchange Mutual is currently generating about 0.08 per unit of risk. If you would invest 21,144 in Skue Sparebank on September 12, 2024 and sell it today you would earn a total of 5,216 from holding Skue Sparebank or generate 24.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Skue Sparebank vs. Oslo Exchange Mutual
Performance |
| Timeline |
Skue Sparebank and Oslo Exchange Volatility Contrast
Predicted Return Density |
| Returns |
Skue Sparebank
Pair trading matchups for Skue Sparebank
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Pair Trading with Skue Sparebank and Oslo Exchange
The main advantage of trading using opposite Skue Sparebank and Oslo Exchange positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Skue Sparebank position performs unexpectedly, Oslo Exchange 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 Oslo Exchange will offset losses from the drop in Oslo Exchange's long position.| Skue Sparebank vs. Aurskog Sparebank | Skue Sparebank vs. Helgeland Sparebank | Skue Sparebank vs. Kongsberg Gruppen ASA | Skue Sparebank vs. Napatech AS |
| Oslo Exchange vs. Kraft Bank Asa | Oslo Exchange vs. Lery Seafood Group | Oslo Exchange vs. Dolphin Drilling AS | Oslo Exchange vs. 5Th Planet Games |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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