Correlation Between Apollo Bancorp and Oregon Pacific
Can any of the company-specific risk be diversified away by investing in both Apollo Bancorp and Oregon Pacific 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 Apollo Bancorp and Oregon Pacific into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apollo Bancorp and Oregon Pacific Bancorp, you can compare the effects of market volatilities on Apollo Bancorp and Oregon Pacific 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 Apollo Bancorp with a short position of Oregon Pacific. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Bancorp and Oregon Pacific.
Diversification Opportunities for Apollo Bancorp and Oregon Pacific
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Apollo and Oregon is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Bancorp and Oregon Pacific Bancorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oregon Pacific Bancorp and Apollo Bancorp 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 Apollo Bancorp are associated (or correlated) with Oregon Pacific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oregon Pacific Bancorp has no effect on the direction of Apollo Bancorp i.e., Apollo Bancorp and Oregon Pacific go up and down completely randomly.
Pair Corralation between Apollo Bancorp and Oregon Pacific
Given the investment horizon of 90 days Apollo Bancorp is expected to under-perform the Oregon Pacific. But the pink sheet apears to be less risky and, when comparing its historical volatility, Apollo Bancorp is 3.0 times less risky than Oregon Pacific. The pink sheet trades about -0.05 of its potential returns per unit of risk. The Oregon Pacific Bancorp is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 764.00 in Oregon Pacific Bancorp on September 1, 2024 and sell it today you would earn a total of 12.00 from holding Oregon Pacific Bancorp or generate 1.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apollo Bancorp vs. Oregon Pacific Bancorp
Performance |
| Timeline |
| Apollo Bancorp |
| Oregon Pacific Bancorp |
Apollo Bancorp and Oregon Pacific Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Bancorp and Oregon Pacific
The main advantage of trading using opposite Apollo Bancorp and Oregon Pacific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Bancorp position performs unexpectedly, Oregon Pacific 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 Oregon Pacific will offset losses from the drop in Oregon Pacific's long position.| Apollo Bancorp vs. Piraeus Bank SA | Apollo Bancorp vs. Turkiye Garanti Bankasi | Apollo Bancorp vs. Delhi Bank Corp | Apollo Bancorp vs. Uwharrie Capital Corp |
| Oregon Pacific vs. 1ST SUMMIT BANCORP | Oregon Pacific vs. Apollo Bancorp | Oregon Pacific vs. The Farmers Bank | Oregon Pacific vs. Old National Bancorp |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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