Correlation Between OMX Copenhagen and Hypefactors
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Copenhagen All and Hypefactors AS, you can compare the effects of market volatilities on OMX Copenhagen and Hypefactors 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 Copenhagen with a short position of Hypefactors. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Copenhagen and Hypefactors.
Diversification Opportunities for OMX Copenhagen and Hypefactors
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between OMX and Hypefactors is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding OMX Copenhagen All and Hypefactors AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hypefactors AS and OMX Copenhagen 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 Copenhagen All are associated (or correlated) with Hypefactors. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hypefactors AS has no effect on the direction of OMX Copenhagen i.e., OMX Copenhagen and Hypefactors go up and down completely randomly.
Pair Corralation between OMX Copenhagen and Hypefactors
Assuming the 90 days trading horizon OMX Copenhagen All is expected to under-perform the Hypefactors. But the index apears to be less risky and, when comparing its historical volatility, OMX Copenhagen All is 8.09 times less risky than Hypefactors. The index trades about -0.02 of its potential returns per unit of risk. The Hypefactors AS is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 228.00 in Hypefactors AS on February 3, 2024 and sell it today you would earn a total of 74.00 from holding Hypefactors AS or generate 32.46% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
OMX Copenhagen All vs. Hypefactors AS
Performance |
Timeline |
OMX Copenhagen and Hypefactors Volatility Contrast
Predicted Return Density |
Returns |
OMX Copenhagen All
Pair trading matchups for OMX Copenhagen
Hypefactors AS
Pair trading matchups for Hypefactors
Pair Trading with OMX Copenhagen and Hypefactors
The main advantage of trading using opposite OMX Copenhagen and Hypefactors positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Copenhagen position performs unexpectedly, Hypefactors 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 Hypefactors will offset losses from the drop in Hypefactors' long position.OMX Copenhagen vs. Nordfyns Bank AS | OMX Copenhagen vs. Nordinvestments AS | OMX Copenhagen vs. Spar Nord Bank | OMX Copenhagen vs. Fynske Bank AS |
Hypefactors vs. Penneo AS | Hypefactors vs. Orderyoyo AS | Hypefactors vs. FOM Technologies AS | Hypefactors vs. Shape Robotics AS |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum |