Correlation Between Spago Nanomedical and OMX Stockholm
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By analyzing existing cross correlation between Spago Nanomedical AB and OMX Stockholm Mid, you can compare the effects of market volatilities on Spago Nanomedical 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 Spago Nanomedical with a short position of OMX Stockholm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spago Nanomedical and OMX Stockholm.
Diversification Opportunities for Spago Nanomedical and OMX Stockholm
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Spago and OMX is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Spago Nanomedical 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 Spago Nanomedical 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 Spago Nanomedical 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 Spago Nanomedical i.e., Spago Nanomedical and OMX Stockholm go up and down completely randomly.
Pair Corralation between Spago Nanomedical and OMX Stockholm
Assuming the 90 days trading horizon Spago Nanomedical AB is expected to generate 4.53 times more return on investment than OMX Stockholm. However, Spago Nanomedical is 4.53 times more volatile than OMX Stockholm Mid. It trades about 0.22 of its potential returns per unit of risk. OMX Stockholm Mid is currently generating about 0.09 per unit of risk. If you would invest 21.00 in Spago Nanomedical AB on November 3, 2024 and sell it today you would earn a total of 4.00 from holding Spago Nanomedical AB or generate 19.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spago Nanomedical AB vs. OMX Stockholm Mid
Performance |
| Timeline |
Spago Nanomedical and OMX Stockholm Volatility Contrast
Predicted Return Density |
| Returns |
Spago Nanomedical AB
Pair trading matchups for Spago Nanomedical
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Pair Trading with Spago Nanomedical and OMX Stockholm
The main advantage of trading using opposite Spago Nanomedical and OMX Stockholm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spago Nanomedical 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.| Spago Nanomedical vs. Scandion Oncology AS | Spago Nanomedical vs. Alligator Bioscience AB | Spago Nanomedical vs. Abliva AB | Spago Nanomedical vs. Ascelia Pharma AB |
| OMX Stockholm vs. High Coast Distillery | OMX Stockholm vs. Nordic Asia Investment | OMX Stockholm vs. Invisio Communications AB | OMX Stockholm vs. Systemair AB |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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