Correlation Between Soder Sportfiske and OMX Stockholm
Specify exactly 2 symbols:
By analyzing existing cross correlation between Soder Sportfiske AB and OMX Stockholm Mid, you can compare the effects of market volatilities on Soder Sportfiske and OMX Stockholm 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 Soder Sportfiske with a short position of OMX Stockholm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soder Sportfiske and OMX Stockholm.
Diversification Opportunities for Soder Sportfiske and OMX Stockholm
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Soder and OMX is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Soder Sportfiske AB and OMX Stockholm Mid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OMX Stockholm Mid and Soder Sportfiske 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 Soder Sportfiske AB are associated (or correlated) with OMX Stockholm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OMX Stockholm Mid has no effect on the direction of Soder Sportfiske i.e., Soder Sportfiske and OMX Stockholm go up and down completely randomly.
Pair Corralation between Soder Sportfiske and OMX Stockholm
Assuming the 90 days trading horizon Soder Sportfiske AB is expected to generate 3.98 times more return on investment than OMX Stockholm. However, Soder Sportfiske is 3.98 times more volatile than OMX Stockholm Mid. It trades about 0.02 of its potential returns per unit of risk. OMX Stockholm Mid is currently generating about 0.04 per unit of risk. If you would invest 2,759 in Soder Sportfiske AB on October 26, 2024 and sell it today you would earn a total of 361.00 from holding Soder Sportfiske AB or generate 13.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
Soder Sportfiske AB vs. OMX Stockholm Mid
Performance |
| Timeline |
Soder Sportfiske and OMX Stockholm Volatility Contrast
Predicted Return Density |
| Returns |
Soder Sportfiske AB
Pair trading matchups for Soder Sportfiske
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Pair Trading with Soder Sportfiske and OMX Stockholm
The main advantage of trading using opposite Soder Sportfiske and OMX Stockholm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soder Sportfiske position performs unexpectedly, OMX Stockholm 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 OMX Stockholm will offset losses from the drop in OMX Stockholm's long position.| Soder Sportfiske vs. Truecaller AB | Soder Sportfiske vs. Dedicare AB | Soder Sportfiske vs. RVRC Holding AB | Soder Sportfiske vs. AddLife AB |
| OMX Stockholm vs. Nordic Asia Investment | OMX Stockholm vs. Isofol Medical AB | OMX Stockholm vs. Addtech AB | OMX Stockholm vs. Media and 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |