Correlation Between Swift Haulage and OSK Holdings
Can any of the company-specific risk be diversified away by investing in both Swift Haulage and OSK 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 Swift Haulage and OSK Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Swift Haulage Bhd and OSK Holdings Bhd, you can compare the effects of market volatilities on Swift Haulage and OSK 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 Swift Haulage with a short position of OSK Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Swift Haulage and OSK Holdings.
Diversification Opportunities for Swift Haulage and OSK Holdings
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Swift and OSK is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Swift Haulage Bhd and OSK Holdings Bhd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OSK Holdings Bhd and Swift Haulage 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 Swift Haulage Bhd are associated (or correlated) with OSK Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OSK Holdings Bhd has no effect on the direction of Swift Haulage i.e., Swift Haulage and OSK Holdings go up and down completely randomly.
Pair Corralation between Swift Haulage and OSK Holdings
Assuming the 90 days trading horizon Swift Haulage is expected to generate 10.19 times less return on investment than OSK Holdings. In addition to that, Swift Haulage is 1.38 times more volatile than OSK Holdings Bhd. It trades about 0.01 of its total potential returns per unit of risk. OSK Holdings Bhd is currently generating about 0.1 per unit of volatility. If you would invest 88.00 in OSK Holdings Bhd on September 3, 2024 and sell it today you would earn a total of 74.00 from holding OSK Holdings Bhd or generate 84.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Swift Haulage Bhd vs. OSK Holdings Bhd
Performance |
| Timeline |
| Swift Haulage Bhd |
| OSK Holdings Bhd |
Swift Haulage and OSK Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Swift Haulage and OSK Holdings
The main advantage of trading using opposite Swift Haulage and OSK Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Swift Haulage position performs unexpectedly, OSK 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 OSK Holdings will offset losses from the drop in OSK Holdings' long position.| Swift Haulage vs. Radiant Globaltech Bhd | Swift Haulage vs. EA Technique M | Swift Haulage vs. Kobay Tech Bhd | Swift Haulage vs. Resintech Bhd |
| OSK Holdings vs. Minetech Resources Bhd | OSK Holdings vs. Swift Haulage Bhd | OSK Holdings vs. Insas Bhd | OSK Holdings vs. Bina Darulaman Bhd |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |