Correlation Between WIG 30 and Oponeopl
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By analyzing existing cross correlation between WIG 30 and Oponeopl SA, you can compare the effects of market volatilities on WIG 30 and Oponeopl 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 WIG 30 with a short position of Oponeopl. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and Oponeopl.
Diversification Opportunities for WIG 30 and Oponeopl
Average diversification
The 3 months correlation between WIG and Oponeopl is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and Oponeopl SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oponeopl SA and WIG 30 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 WIG 30 are associated (or correlated) with Oponeopl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oponeopl SA has no effect on the direction of WIG 30 i.e., WIG 30 and Oponeopl go up and down completely randomly.
Pair Corralation between WIG 30 and Oponeopl
Assuming the 90 days trading horizon WIG 30 is expected to under-perform the Oponeopl. But the index apears to be less risky and, when comparing its historical volatility, WIG 30 is 2.13 times less risky than Oponeopl. The index trades about -0.06 of its potential returns per unit of risk. The Oponeopl SA is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 6,714 in Oponeopl SA on September 1, 2024 and sell it today you would earn a total of 1,266 from holding Oponeopl SA or generate 18.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.22% |
| Values | Daily Returns |
WIG 30 vs. Oponeopl SA
Performance |
| Timeline |
WIG 30 and Oponeopl Volatility Contrast
Predicted Return Density |
| Returns |
WIG 30
Pair trading matchups for WIG 30
Oponeopl SA
Pair trading matchups for Oponeopl
Pair Trading with WIG 30 and Oponeopl
The main advantage of trading using opposite WIG 30 and Oponeopl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, Oponeopl 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 Oponeopl will offset losses from the drop in Oponeopl's long position.| WIG 30 vs. ING Bank lski | WIG 30 vs. LSI Software SA | WIG 30 vs. Quantum Software SA | WIG 30 vs. GreenX Metals |
| Oponeopl vs. Banco Santander SA | Oponeopl vs. UniCredit SpA | Oponeopl vs. CEZ as | Oponeopl vs. Polski Koncern Naftowy |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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