Correlation Between OTP Bank and Oncimmune Holdings
Can any of the company-specific risk be diversified away by investing in both OTP Bank and Oncimmune Holdings at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining OTP Bank and Oncimmune Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OTP Bank Nyrt and Oncimmune Holdings plc, you can compare the effects of market volatilities on OTP Bank and Oncimmune Holdings 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 OTP Bank with a short position of Oncimmune Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of OTP Bank and Oncimmune Holdings.
Diversification Opportunities for OTP Bank and Oncimmune Holdings
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between OTP and Oncimmune is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding OTP Bank Nyrt and Oncimmune Holdings plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oncimmune Holdings plc and OTP Bank 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 OTP Bank Nyrt are associated (or correlated) with Oncimmune Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oncimmune Holdings plc has no effect on the direction of OTP Bank i.e., OTP Bank and Oncimmune Holdings go up and down completely randomly.
Pair Corralation between OTP Bank and Oncimmune Holdings
If you would invest 1,259,000 in OTP Bank Nyrt on November 3, 2024 and sell it today you would earn a total of 0.00 from holding OTP Bank Nyrt or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OTP Bank Nyrt vs. Oncimmune Holdings plc
Performance |
| Timeline |
| OTP Bank Nyrt |
| Oncimmune Holdings plc |
OTP Bank and Oncimmune Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OTP Bank and Oncimmune Holdings
The main advantage of trading using opposite OTP Bank and Oncimmune Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OTP Bank position performs unexpectedly, Oncimmune Holdings 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 Oncimmune Holdings will offset losses from the drop in Oncimmune Holdings' long position.| OTP Bank vs. Samsung Electronics Co | OTP Bank vs. Samsung Electronics Co | OTP Bank vs. Toyota Motor Corp | OTP Bank vs. Reliance Industries Ltd |
| Oncimmune Holdings vs. G5 Entertainment AB | Oncimmune Holdings vs. One Media iP | Oncimmune Holdings vs. Darden Restaurants | Oncimmune Holdings vs. Intermediate Capital Group |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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