Correlation Between Concord Acquisition and OCA Acquisition
Can any of the company-specific risk be diversified away by investing in both Concord Acquisition and OCA Acquisition 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 Concord Acquisition and OCA Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Concord Acquisition Corp and OCA Acquisition Corp, you can compare the effects of market volatilities on Concord Acquisition and OCA Acquisition 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 Concord Acquisition with a short position of OCA Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Concord Acquisition and OCA Acquisition.
Diversification Opportunities for Concord Acquisition and OCA Acquisition
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Concord and OCA is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Concord Acquisition Corp and OCA Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OCA Acquisition Corp and Concord Acquisition 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 Concord Acquisition Corp are associated (or correlated) with OCA Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OCA Acquisition Corp has no effect on the direction of Concord Acquisition i.e., Concord Acquisition and OCA Acquisition go up and down completely randomly.
Pair Corralation between Concord Acquisition and OCA Acquisition
If you would invest 1,083 in OCA Acquisition Corp on August 25, 2024 and sell it today you would earn a total of 27.00 from holding OCA Acquisition Corp or generate 2.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.97% |
| Values | Daily Returns |
Concord Acquisition Corp vs. OCA Acquisition Corp
Performance |
| Timeline |
| Concord Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| OCA Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Concord Acquisition and OCA Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Concord Acquisition and OCA Acquisition
The main advantage of trading using opposite Concord Acquisition and OCA Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Concord Acquisition position performs unexpectedly, OCA Acquisition 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 OCA Acquisition will offset losses from the drop in OCA Acquisition's long position.| Concord Acquisition vs. Thunder Bridge Capital | Concord Acquisition vs. Welsbach Technology Metals | Concord Acquisition vs. DP Cap Acquisition | Concord Acquisition vs. Hudson Acquisition I |
| OCA Acquisition vs. DP Cap Acquisition | OCA Acquisition vs. A SPAC II | OCA Acquisition vs. Athena Technology Acquisition | OCA Acquisition vs. Welsbach Technology Metals |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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