Correlation Between PHN Multi and Ocumetics Technology
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By analyzing existing cross correlation between PHN Multi Style All Cap and Ocumetics Technology Corp, you can compare the effects of market volatilities on PHN Multi and Ocumetics Technology 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 Ocumetics Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Ocumetics Technology.
Diversification Opportunities for PHN Multi and Ocumetics Technology
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between PHN and Ocumetics is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Ocumetics Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ocumetics Technology Corp 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 Ocumetics Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ocumetics Technology Corp has no effect on the direction of PHN Multi i.e., PHN Multi and Ocumetics Technology go up and down completely randomly.
Pair Corralation between PHN Multi and Ocumetics Technology
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 0.17 times more return on investment than Ocumetics Technology. However, PHN Multi Style All Cap is 5.99 times less risky than Ocumetics Technology. It trades about 0.1 of its potential returns per unit of risk. Ocumetics Technology Corp is currently generating about 0.01 per unit of risk. If you would invest 1,970 in PHN Multi Style All Cap on September 2, 2024 and sell it today you would earn a total of 890.00 from holding PHN Multi Style All Cap or generate 45.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Ocumetics Technology Corp
Performance |
| Timeline |
| PHN Multi Style |
| Ocumetics Technology Corp |
PHN Multi and Ocumetics Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Ocumetics Technology
The main advantage of trading using opposite PHN Multi and Ocumetics Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Ocumetics Technology 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 Ocumetics Technology will offset losses from the drop in Ocumetics Technology's long position.| PHN Multi vs. PHN Canadian Equity | PHN Multi vs. Dynamic Global Fixed | PHN Multi vs. Mawer Global Equity |
| Ocumetics Technology vs. Orca Energy Group | Ocumetics Technology vs. Rogers Communications | Ocumetics Technology vs. Aclara Resources | Ocumetics Technology vs. Greenfire 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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