Correlation Between GLG LIFE and Oxurion NV
Can any of the company-specific risk be diversified away by investing in both GLG LIFE and Oxurion NV 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 GLG LIFE and Oxurion NV into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GLG LIFE TECH and Oxurion NV, you can compare the effects of market volatilities on GLG LIFE and Oxurion NV 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 GLG LIFE with a short position of Oxurion NV. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG LIFE and Oxurion NV.
Diversification Opportunities for GLG LIFE and Oxurion NV
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GLG and Oxurion is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GLG LIFE TECH and Oxurion NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxurion NV and GLG LIFE 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 GLG LIFE TECH are associated (or correlated) with Oxurion NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxurion NV has no effect on the direction of GLG LIFE i.e., GLG LIFE and Oxurion NV go up and down completely randomly.
Pair Corralation between GLG LIFE and Oxurion NV
If you would invest 28.00 in Oxurion NV on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Oxurion NV or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 18.18% |
| Values | Daily Returns |
GLG LIFE TECH vs. Oxurion NV
Performance |
| Timeline |
| GLG LIFE TECH |
| Oxurion NV |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GLG LIFE and Oxurion NV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GLG LIFE and Oxurion NV
The main advantage of trading using opposite GLG LIFE and Oxurion NV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG LIFE position performs unexpectedly, Oxurion NV 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 Oxurion NV will offset losses from the drop in Oxurion NV's long position.| GLG LIFE vs. MITSUBISHI STEEL MFG | GLG LIFE vs. NIPPON STEEL SPADR | GLG LIFE vs. ATOSS SOFTWARE | GLG LIFE vs. Guidewire Software |
| Oxurion NV vs. GLG LIFE TECH | Oxurion NV vs. AAC TECHNOLOGHLDGADR | Oxurion NV vs. ACCSYS TECHPLC EO | Oxurion NV vs. Perseus Mining Limited |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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