Correlation Between NYSE Composite and OMX Helsinki
Specify exactly 2 symbols:
By analyzing existing cross correlation between NYSE Composite and OMX Helsinki 25, you can compare the effects of market volatilities on NYSE Composite and OMX Helsinki 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 NYSE Composite with a short position of OMX Helsinki. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and OMX Helsinki.
Diversification Opportunities for NYSE Composite and OMX Helsinki
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NYSE and OMX is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and OMX Helsinki 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OMX Helsinki 25 and NYSE Composite 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 NYSE Composite are associated (or correlated) with OMX Helsinki. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OMX Helsinki 25 has no effect on the direction of NYSE Composite i.e., NYSE Composite and OMX Helsinki go up and down completely randomly.
Pair Corralation between NYSE Composite and OMX Helsinki
Assuming the 90 days trading horizon NYSE Composite is expected to under-perform the OMX Helsinki. In addition to that, NYSE Composite is 1.01 times more volatile than OMX Helsinki 25. It trades about -0.06 of its total potential returns per unit of risk. OMX Helsinki 25 is currently generating about 0.06 per unit of volatility. If you would invest 446,014 in OMX Helsinki 25 on February 4, 2024 and sell it today you would earn a total of 3,957 from holding OMX Helsinki 25 or generate 0.89% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.45% |
Values | Daily Returns |
NYSE Composite vs. OMX Helsinki 25
Performance |
Timeline |
NYSE Composite and OMX Helsinki Volatility Contrast
Predicted Return Density |
Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
Pair Trading with NYSE Composite and OMX Helsinki
The main advantage of trading using opposite NYSE Composite and OMX Helsinki positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, OMX Helsinki 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 Helsinki will offset losses from the drop in OMX Helsinki's long position.NYSE Composite vs. Gerdau SA ADR | NYSE Composite vs. Transphorm Technology | NYSE Composite vs. KeyCorp | NYSE Composite vs. Chester Mining |
OMX Helsinki vs. QPR Software Oyj | OMX Helsinki vs. Nordea Bank Abp | OMX Helsinki vs. United Bankers Oyj | OMX Helsinki vs. Reka Industrial Oyj |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Transaction History View history of all your transactions and understand their impact on performance | |
CEOs Directory Screen CEOs from public companies around the world | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Global Correlations Find global opportunities by holding instruments from different markets | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |