Correlation Between OMX Helsinki and Bittium Oyj
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By analyzing existing cross correlation between OMX Helsinki 25 and Bittium Oyj, you can compare the effects of market volatilities on OMX Helsinki and Bittium Oyj 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 Bittium Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and Bittium Oyj.
Diversification Opportunities for OMX Helsinki and Bittium Oyj
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between OMX and Bittium is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and Bittium Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bittium 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 Bittium Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bittium Oyj has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and Bittium Oyj go up and down completely randomly.
Pair Corralation between OMX Helsinki and Bittium Oyj
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to generate 0.31 times more return on investment than Bittium Oyj. However, OMX Helsinki 25 is 3.18 times less risky than Bittium Oyj. It trades about 0.07 of its potential returns per unit of risk. Bittium Oyj is currently generating about 0.0 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 | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
OMX Helsinki 25 vs. Bittium Oyj
Performance |
Timeline |
OMX Helsinki and Bittium Oyj Volatility Contrast
Predicted Return Density |
Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
Bittium Oyj
Pair trading matchups for Bittium Oyj
Pair Trading with OMX Helsinki and Bittium Oyj
The main advantage of trading using opposite OMX Helsinki and Bittium Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, Bittium Oyj 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 Bittium Oyj will offset losses from the drop in Bittium Oyj's long position.OMX Helsinki vs. SSH Communications Security | OMX Helsinki vs. Aiforia Technologies Oyj | OMX Helsinki vs. Remedy Entertainment Oyj | OMX Helsinki vs. Detection Technology OY |
Bittium Oyj vs. Tokmanni Group Oyj | Bittium Oyj vs. Kemira Oyj | Bittium Oyj vs. Valmet Oyj | Bittium Oyj vs. Etteplan 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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