Correlation Between Firsthand Alternative and Oppenheimer Global
Can any of the company-specific risk be diversified away by investing in both Firsthand Alternative and Oppenheimer Global 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 Firsthand Alternative and Oppenheimer Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Firsthand Alternative Energy and Oppenheimer Global Multi, you can compare the effects of market volatilities on Firsthand Alternative and Oppenheimer Global 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 Firsthand Alternative with a short position of Oppenheimer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Firsthand Alternative and Oppenheimer Global.
Diversification Opportunities for Firsthand Alternative and Oppenheimer Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Firsthand and Oppenheimer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Firsthand Alternative Energy and Oppenheimer Global Multi in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Global Multi and Firsthand Alternative 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 Firsthand Alternative Energy are associated (or correlated) with Oppenheimer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Global Multi has no effect on the direction of Firsthand Alternative i.e., Firsthand Alternative and Oppenheimer Global go up and down completely randomly.
Pair Corralation between Firsthand Alternative and Oppenheimer Global
If you would invest 999.00 in Firsthand Alternative Energy on September 4, 2024 and sell it today you would earn a total of 41.00 from holding Firsthand Alternative Energy or generate 4.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Firsthand Alternative Energy vs. Oppenheimer Global Multi
Performance |
| Timeline |
| Firsthand Alternative |
| Oppenheimer Global Multi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Firsthand Alternative and Oppenheimer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Firsthand Alternative and Oppenheimer Global
The main advantage of trading using opposite Firsthand Alternative and Oppenheimer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Firsthand Alternative position performs unexpectedly, Oppenheimer Global 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 Oppenheimer Global will offset losses from the drop in Oppenheimer Global's long position.| Firsthand Alternative vs. Guinness Atkinson Alternative | Firsthand Alternative vs. Calvert Global Energy | Firsthand Alternative vs. New Alternatives Fund | Firsthand Alternative vs. Shelton Green Alpha |
| Oppenheimer Global vs. Calamos Market Neutral | Oppenheimer Global vs. Legg Mason Partners | Oppenheimer Global vs. Kinetics Market Opportunities | Oppenheimer Global vs. Western Assets Emerging |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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