Correlation Between Figs and Oasis Hotel
Can any of the company-specific risk be diversified away by investing in both Figs and Oasis Hotel 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 Figs and Oasis Hotel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Figs Inc and Oasis Hotel Resort, you can compare the effects of market volatilities on Figs and Oasis Hotel 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 Figs with a short position of Oasis Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Figs and Oasis Hotel.
Diversification Opportunities for Figs and Oasis Hotel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Figs and Oasis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Figs Inc and Oasis Hotel Resort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oasis Hotel Resort and Figs 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 Figs Inc are associated (or correlated) with Oasis Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oasis Hotel Resort has no effect on the direction of Figs i.e., Figs and Oasis Hotel go up and down completely randomly.
Pair Corralation between Figs and Oasis Hotel
If you would invest 0.02 in Oasis Hotel Resort on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Oasis Hotel Resort 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 |
Figs Inc vs. Oasis Hotel Resort
Performance |
| Timeline |
| Figs Inc |
| Oasis Hotel Resort |
Figs and Oasis Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Figs and Oasis Hotel
The main advantage of trading using opposite Figs and Oasis Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Figs position performs unexpectedly, Oasis Hotel 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 Oasis Hotel will offset losses from the drop in Oasis Hotel's long position.The idea behind Figs Inc and Oasis Hotel Resort pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Oasis Hotel vs. Copa Holdings SA | Oasis Hotel vs. United Airlines Holdings | Oasis Hotel vs. Delta Air Lines | Oasis Hotel vs. SkyWest |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |