Correlation Between Oslo Exchange and Golden Ocean
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By analyzing existing cross correlation between Oslo Exchange Mutual and Golden Ocean Group, you can compare the effects of market volatilities on Oslo Exchange and Golden Ocean 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 Oslo Exchange with a short position of Golden Ocean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oslo Exchange and Golden Ocean.
Diversification Opportunities for Oslo Exchange and Golden Ocean
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oslo and Golden is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Oslo Exchange Mutual and Golden Ocean Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Golden Ocean Group and Oslo Exchange 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 Oslo Exchange Mutual are associated (or correlated) with Golden Ocean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Golden Ocean Group has no effect on the direction of Oslo Exchange i.e., Oslo Exchange and Golden Ocean go up and down completely randomly.
Pair Corralation between Oslo Exchange and Golden Ocean
Assuming the 90 days trading horizon Oslo Exchange Mutual is expected to generate 0.26 times more return on investment than Golden Ocean. However, Oslo Exchange Mutual is 3.78 times less risky than Golden Ocean. It trades about 0.14 of its potential returns per unit of risk. Golden Ocean Group is currently generating about -0.33 per unit of risk. If you would invest 137,848 in Oslo Exchange Mutual on September 9, 2024 and sell it today you would earn a total of 2,989 from holding Oslo Exchange Mutual or generate 2.17% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Oslo Exchange Mutual vs. Golden Ocean Group
Performance |
Timeline |
Oslo Exchange and Golden Ocean Volatility Contrast
Predicted Return Density |
Returns |
Oslo Exchange Mutual
Pair trading matchups for Oslo Exchange
Golden Ocean Group
Pair trading matchups for Golden Ocean
Pair Trading with Oslo Exchange and Golden Ocean
The main advantage of trading using opposite Oslo Exchange and Golden Ocean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oslo Exchange position performs unexpectedly, Golden Ocean 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 Golden Ocean will offset losses from the drop in Golden Ocean's long position.Oslo Exchange vs. Nordic Mining ASA | Oslo Exchange vs. Nordic Semiconductor ASA | Oslo Exchange vs. Nordic Technology Group | Oslo Exchange vs. Norwegian Air Shuttle |
Golden Ocean vs. Frontline | Golden Ocean vs. BW LPG | Golden Ocean vs. Jinhui Shipping and | Golden Ocean vs. FLEX LNG |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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