Correlation Between OMX Stockholm and Asarina Pharma
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Stockholm Mid and Asarina Pharma AB, you can compare the effects of market volatilities on OMX Stockholm and Asarina Pharma 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 Stockholm with a short position of Asarina Pharma. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Stockholm and Asarina Pharma.
Diversification Opportunities for OMX Stockholm and Asarina Pharma
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OMX and Asarina is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding OMX Stockholm Mid and Asarina Pharma AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asarina Pharma AB and OMX Stockholm 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 Stockholm Mid are associated (or correlated) with Asarina Pharma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asarina Pharma AB has no effect on the direction of OMX Stockholm i.e., OMX Stockholm and Asarina Pharma go up and down completely randomly.
Pair Corralation between OMX Stockholm and Asarina Pharma
Assuming the 90 days trading horizon OMX Stockholm Mid is expected to generate 0.25 times more return on investment than Asarina Pharma. However, OMX Stockholm Mid is 4.0 times less risky than Asarina Pharma. It trades about -0.1 of its potential returns per unit of risk. Asarina Pharma AB is currently generating about -0.14 per unit of risk. If you would invest 152,520 in OMX Stockholm Mid on January 30, 2024 and sell it today you would lose (2,424) from holding OMX Stockholm Mid or give up 1.59% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
OMX Stockholm Mid vs. Asarina Pharma AB
Performance |
Timeline |
OMX Stockholm and Asarina Pharma Volatility Contrast
Predicted Return Density |
Returns |
OMX Stockholm Mid
Pair trading matchups for OMX Stockholm
Asarina Pharma AB
Pair trading matchups for Asarina Pharma
Pair Trading with OMX Stockholm and Asarina Pharma
The main advantage of trading using opposite OMX Stockholm and Asarina Pharma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Stockholm position performs unexpectedly, Asarina Pharma 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 Asarina Pharma will offset losses from the drop in Asarina Pharma's long position.OMX Stockholm vs. Divio Technologies AB | OMX Stockholm vs. Nordic Iron Ore | OMX Stockholm vs. COOR Service Management | OMX Stockholm vs. I Tech |
Asarina Pharma vs. Calliditas Therapeutics | Asarina Pharma vs. Oncopeptides AB | Asarina Pharma vs. Alligator Bioscience 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Bonds Directory Find actively traded corporate debentures issued by US companies | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Stocks Directory Find actively traded stocks across global markets | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data |