Correlation Between Cox ABG and Opdenergy Holding
Can any of the company-specific risk be diversified away by investing in both Cox ABG and Opdenergy Holding 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 Cox ABG and Opdenergy Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cox ABG Group and Opdenergy Holding SA, you can compare the effects of market volatilities on Cox ABG and Opdenergy Holding 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 Cox ABG with a short position of Opdenergy Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cox ABG and Opdenergy Holding.
Diversification Opportunities for Cox ABG and Opdenergy Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cox and Opdenergy is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cox ABG Group and Opdenergy Holding SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Opdenergy Holding and Cox ABG 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 Cox ABG Group are associated (or correlated) with Opdenergy Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Opdenergy Holding has no effect on the direction of Cox ABG i.e., Cox ABG and Opdenergy Holding go up and down completely randomly.
Pair Corralation between Cox ABG and Opdenergy Holding
If you would invest 950.00 in Cox ABG Group on August 28, 2024 and sell it today you would earn a total of 72.00 from holding Cox ABG Group or generate 7.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Cox ABG Group vs. Opdenergy Holding SA
Performance |
| Timeline |
| Cox ABG Group |
| Opdenergy Holding |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cox ABG and Opdenergy Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cox ABG and Opdenergy Holding
The main advantage of trading using opposite Cox ABG and Opdenergy Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cox ABG position performs unexpectedly, Opdenergy Holding 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 Opdenergy Holding will offset losses from the drop in Opdenergy Holding's long position.| Cox ABG vs. Airbus Group SE | Cox ABG vs. Industria de Diseno | Cox ABG vs. Iberdrola SA | Cox ABG vs. Petroleo Brasileiro SA |
| Opdenergy Holding vs. International Consolidated Airlines | Opdenergy Holding vs. Technomeca Aerospace SA | Opdenergy Holding vs. Elaia Investment Spain | Opdenergy Holding vs. Tier1 Technology SA |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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