Correlation Between OMX Helsinki and Aspocomp Group
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By analyzing existing cross correlation between OMX Helsinki 25 and Aspocomp Group Oyj, you can compare the effects of market volatilities on OMX Helsinki and Aspocomp Group 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 Aspocomp Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and Aspocomp Group.
Diversification Opportunities for OMX Helsinki and Aspocomp Group
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between OMX and Aspocomp is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and Aspocomp Group Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aspocomp Group Oyj 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 Aspocomp Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aspocomp Group Oyj has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and Aspocomp Group go up and down completely randomly.
Pair Corralation between OMX Helsinki and Aspocomp Group
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to generate 0.4 times more return on investment than Aspocomp Group. However, OMX Helsinki 25 is 2.49 times less risky than Aspocomp Group. It trades about 0.14 of its potential returns per unit of risk. Aspocomp Group Oyj is currently generating about -0.18 per unit of risk. If you would invest 437,675 in OMX Helsinki 25 on January 31, 2024 and sell it today you would earn a total of 8,982 from holding OMX Helsinki 25 or generate 2.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
OMX Helsinki 25 vs. Aspocomp Group Oyj
Performance |
Timeline |
OMX Helsinki and Aspocomp Group Volatility Contrast
Predicted Return Density |
Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
Aspocomp Group Oyj
Pair trading matchups for Aspocomp Group
Pair Trading with OMX Helsinki and Aspocomp Group
The main advantage of trading using opposite OMX Helsinki and Aspocomp Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, Aspocomp Group 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 Aspocomp Group will offset losses from the drop in Aspocomp Group's long position.OMX Helsinki vs. Remedy Entertainment Oyj | OMX Helsinki vs. Reka Industrial Oyj | OMX Helsinki vs. SSH Communications Security | OMX Helsinki vs. Alma Media Oyj |
Aspocomp Group vs. Harvia Oyj | Aspocomp Group vs. Kamux Suomi Oy | Aspocomp Group vs. Tokmanni Group Oyj | Aspocomp Group vs. Remedy Entertainment 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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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