Correlation Between OMX Helsinki and Huhtamaki Oyj
Specify exactly 2 symbols:
By analyzing existing cross correlation between OMX Helsinki 25 and Huhtamaki Oyj, you can compare the effects of market volatilities on OMX Helsinki and Huhtamaki 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 Huhtamaki Oyj. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMX Helsinki and Huhtamaki Oyj.
Diversification Opportunities for OMX Helsinki and Huhtamaki Oyj
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OMX and Huhtamaki is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding OMX Helsinki 25 and Huhtamaki Oyj in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huhtamaki 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 Huhtamaki Oyj. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huhtamaki Oyj has no effect on the direction of OMX Helsinki i.e., OMX Helsinki and Huhtamaki Oyj go up and down completely randomly.
Pair Corralation between OMX Helsinki and Huhtamaki Oyj
Assuming the 90 days trading horizon OMX Helsinki 25 is expected to generate 0.61 times more return on investment than Huhtamaki Oyj. However, OMX Helsinki 25 is 1.64 times less risky than Huhtamaki Oyj. It trades about 0.11 of its potential returns per unit of risk. Huhtamaki Oyj is currently generating about -0.01 per unit of risk. If you would invest 437,089 in OMX Helsinki 25 on February 5, 2024 and sell it today you would earn a total of 12,882 from holding OMX Helsinki 25 or generate 2.95% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
OMX Helsinki 25 vs. Huhtamaki Oyj
Performance |
Timeline |
OMX Helsinki and Huhtamaki Oyj Volatility Contrast
Predicted Return Density |
Returns |
OMX Helsinki 25
Pair trading matchups for OMX Helsinki
Huhtamaki Oyj
Pair trading matchups for Huhtamaki Oyj
Pair Trading with OMX Helsinki and Huhtamaki Oyj
The main advantage of trading using opposite OMX Helsinki and Huhtamaki Oyj positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMX Helsinki position performs unexpectedly, Huhtamaki 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 Huhtamaki Oyj will offset losses from the drop in Huhtamaki 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 |
Huhtamaki Oyj vs. Sampo Oyj A | Huhtamaki Oyj vs. Fortum Oyj | Huhtamaki Oyj vs. Nordea Bank Abp | Huhtamaki Oyj vs. Wartsila Oyj Abp |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |