Correlation Between Finnair Oyj and Oracle
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By analyzing existing cross correlation between Finnair Oyj and Oracle Corp 58, you can compare the effects of market volatilities on Finnair Oyj and Oracle 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 Finnair Oyj with a short position of Oracle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Finnair Oyj and Oracle.
Diversification Opportunities for Finnair Oyj and Oracle
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Finnair and Oracle is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Finnair Oyj and Oracle Corp 58 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oracle Corp 58 and Finnair Oyj 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 Finnair Oyj are associated (or correlated) with Oracle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oracle Corp 58 has no effect on the direction of Finnair Oyj i.e., Finnair Oyj and Oracle go up and down completely randomly.
Pair Corralation between Finnair Oyj and Oracle
Assuming the 90 days horizon Finnair Oyj is expected to under-perform the Oracle. In addition to that, Finnair Oyj is 22.81 times more volatile than Oracle Corp 58. It trades about -0.22 of its total potential returns per unit of risk. Oracle Corp 58 is currently generating about 0.04 per unit of volatility. If you would invest 10,105 in Oracle Corp 58 on September 5, 2024 and sell it today you would earn a total of 10.00 from holding Oracle Corp 58 or generate 0.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 86.96% |
| Values | Daily Returns |
Finnair Oyj vs. Oracle Corp 58
Performance |
| Timeline |
| Finnair Oyj |
| Oracle Corp 58 |
Finnair Oyj and Oracle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Finnair Oyj and Oracle
The main advantage of trading using opposite Finnair Oyj and Oracle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Finnair Oyj position performs unexpectedly, Oracle 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 Oracle will offset losses from the drop in Oracle's long position.| Finnair Oyj vs. easyJet plc | Finnair Oyj vs. Norse Atlantic ASA | Finnair Oyj vs. Air New Zealand | Finnair Oyj vs. Air China Limited |
| Oracle vs. Finnair Oyj | Oracle vs. Grupo Aeroportuario del | Oracle vs. National CineMedia | Oracle vs. Air Lease |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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