Correlation Between Baillie Gifford and Oppenheimer Aggrssv
Can any of the company-specific risk be diversified away by investing in both Baillie Gifford and Oppenheimer Aggrssv 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 Baillie Gifford and Oppenheimer Aggrssv into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baillie Gifford Health and Oppenheimer Aggrssv Invstr, you can compare the effects of market volatilities on Baillie Gifford and Oppenheimer Aggrssv 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 Baillie Gifford with a short position of Oppenheimer Aggrssv. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baillie Gifford and Oppenheimer Aggrssv.
Diversification Opportunities for Baillie Gifford and Oppenheimer Aggrssv
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Baillie and Oppenheimer is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Baillie Gifford Health and Oppenheimer Aggrssv Invstr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Aggrssv and Baillie Gifford 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 Baillie Gifford Health are associated (or correlated) with Oppenheimer Aggrssv. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Aggrssv has no effect on the direction of Baillie Gifford i.e., Baillie Gifford and Oppenheimer Aggrssv go up and down completely randomly.
Pair Corralation between Baillie Gifford and Oppenheimer Aggrssv
Assuming the 90 days horizon Baillie Gifford is expected to generate 2.9 times less return on investment than Oppenheimer Aggrssv. In addition to that, Baillie Gifford is 1.74 times more volatile than Oppenheimer Aggrssv Invstr. It trades about 0.02 of its total potential returns per unit of risk. Oppenheimer Aggrssv Invstr is currently generating about 0.09 per unit of volatility. If you would invest 1,244 in Oppenheimer Aggrssv Invstr on August 24, 2024 and sell it today you would earn a total of 205.00 from holding Oppenheimer Aggrssv Invstr or generate 16.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Baillie Gifford Health vs. Oppenheimer Aggrssv Invstr
Performance |
| Timeline |
| Baillie Gifford Health |
| Oppenheimer Aggrssv |
Baillie Gifford and Oppenheimer Aggrssv Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baillie Gifford and Oppenheimer Aggrssv
The main advantage of trading using opposite Baillie Gifford and Oppenheimer Aggrssv positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baillie Gifford position performs unexpectedly, Oppenheimer Aggrssv 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 Aggrssv will offset losses from the drop in Oppenheimer Aggrssv's long position.| Baillie Gifford vs. Vanguard Health Care | Baillie Gifford vs. Vanguard Health Care | Baillie Gifford vs. T Rowe Price | Baillie Gifford vs. T Rowe Price |
| Oppenheimer Aggrssv vs. Allianzgi Health Sciences | Oppenheimer Aggrssv vs. Highland Longshort Healthcare | Oppenheimer Aggrssv vs. Baillie Gifford Health | Oppenheimer Aggrssv vs. Invesco Global Health |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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