Correlation Between Cal-Bay Intl and OFX Group
Can any of the company-specific risk be diversified away by investing in both Cal-Bay Intl and OFX Group 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 Cal-Bay Intl and OFX Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cal Bay Intl and OFX Group Ltd, you can compare the effects of market volatilities on Cal-Bay Intl and OFX Group 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 Cal-Bay Intl with a short position of OFX Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cal-Bay Intl and OFX Group.
Diversification Opportunities for Cal-Bay Intl and OFX Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cal-Bay and OFX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cal Bay Intl and OFX Group Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OFX Group and Cal-Bay Intl 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 Cal Bay Intl are associated (or correlated) with OFX Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OFX Group has no effect on the direction of Cal-Bay Intl i.e., Cal-Bay Intl and OFX Group go up and down completely randomly.
Pair Corralation between Cal-Bay Intl and OFX Group
If you would invest 435.00 in OFX Group Ltd on November 27, 2024 and sell it today you would earn a total of 0.00 from holding OFX Group Ltd or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cal Bay Intl vs. OFX Group Ltd
Performance |
| Timeline |
| Cal Bay Intl |
| OFX Group |
Cal-Bay Intl and OFX Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cal-Bay Intl and OFX Group
The main advantage of trading using opposite Cal-Bay Intl and OFX Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cal-Bay Intl position performs unexpectedly, OFX Group 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 OFX Group will offset losses from the drop in OFX Group's long position.| Cal-Bay Intl vs. Halitron | Cal-Bay Intl vs. First BITCoin Capital | Cal-Bay Intl vs. Blackstar Enterprise Group | Cal-Bay Intl vs. Armada Mercantile |
| OFX Group vs. Alternative Investment | OFX Group vs. Luxfer Holdings PLC | OFX Group vs. Freedom Holding Corp | OFX Group vs. NL Industries |
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 Stocks Directory module to find actively traded stocks across global markets.
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