Correlation Between OMX Helsinki and SPASX Dividend
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By analyzing existing cross correlation between OMX Helsinki 25 and SPASX Dividend Opportunities, you can compare the effects of market volatilities on OMX Helsinki and SPASX Dividend 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 OMX Helsinki with a short position of SPASX Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and SPASX Dividend.
Diversification Opportunities for OMX Helsinki and SPASX Dividend
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between OMX and SPASX is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and SPASX Dividend Opportunities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPASX Dividend Oppor and OMX Helsinki 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 OMX Helsinki 25 are associated (or correlated) with SPASX Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPASX Dividend Oppor has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and SPASX Dividend go up and down completely randomly.
Pair Corralation between OMX Helsinki and SPASX Dividend
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to generate 0.96 times more return on investment than SPASX Dividend. However, OMX Helsinki 25 is 1.04 times less risky than SPASX Dividend. It trades about 0.07 of its potential returns per unit of risk. SPASX Dividend Opportunities is currently generating about -0.1 per unit of risk. If you would invest 445,677 in OMX Helsinki 25 on February 5, 2024 and sell it today you would earn a total of 4,294 from holding OMX Helsinki 25 or generate 0.96% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
OMX Helsinki 25 vs. SPASX Dividend Opportunities
Performance |
Timeline |
OMX Helsinki and SPASX Dividend Volatility Contrast
Predicted Return Density |
Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
SPASX Dividend Opportunities
Pair trading matchups for SPASX Dividend
Pair Trading with OMX Helsinki and SPASX Dividend
The main advantage of trading using opposite OMX Helsinki and SPASX Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, SPASX Dividend 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 SPASX Dividend will offset losses from the drop in SPASX Dividend's long position.OMX Helsinki vs. QPR Software Oyj | OMX Helsinki vs. Nordea Bank Abp | OMX Helsinki vs. United Bankers Oyj | OMX Helsinki vs. Reka Industrial Oyj |
SPASX Dividend vs. Diversified United Investment | SPASX Dividend vs. Lion One Metals | SPASX Dividend vs. Australian Unity Office | SPASX Dividend vs. Mirrabooka Investments |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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