Correlation Between PHN Multi and Olympia Financial
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By analyzing existing cross correlation between PHN Multi Style All Cap and Olympia Financial Group, you can compare the effects of market volatilities on PHN Multi and Olympia Financial 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 PHN Multi with a short position of Olympia Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Olympia Financial.
Diversification Opportunities for PHN Multi and Olympia Financial
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between PHN and Olympia is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Olympia Financial Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Olympia Financial and PHN Multi 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 PHN Multi Style All Cap are associated (or correlated) with Olympia Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Olympia Financial has no effect on the direction of PHN Multi i.e., PHN Multi and Olympia Financial go up and down completely randomly.
Pair Corralation between PHN Multi and Olympia Financial
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 0.61 times more return on investment than Olympia Financial. However, PHN Multi Style All Cap is 1.64 times less risky than Olympia Financial. It trades about 0.24 of its potential returns per unit of risk. Olympia Financial Group is currently generating about 0.02 per unit of risk. If you would invest 2,572 in PHN Multi Style All Cap on September 2, 2024 and sell it today you would earn a total of 288.00 from holding PHN Multi Style All Cap or generate 11.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Olympia Financial Group
Performance |
| Timeline |
| PHN Multi Style |
| Olympia Financial |
PHN Multi and Olympia Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Olympia Financial
The main advantage of trading using opposite PHN Multi and Olympia Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Olympia Financial 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 Olympia Financial will offset losses from the drop in Olympia Financial's long position.| PHN Multi vs. PHN Canadian Equity | PHN Multi vs. Dynamic Global Fixed | PHN Multi vs. Mawer Global Equity |
| Olympia Financial vs. NovaGold Resources | Olympia Financial vs. HPQ Silicon Resources | Olympia Financial vs. Eastwood Bio Medical Canada | Olympia Financial vs. Diamond Fields Resources |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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