Correlation Between Fuller Thaler and Oppenheimer Main
Can any of the company-specific risk be diversified away by investing in both Fuller Thaler and Oppenheimer Main 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 Fuller Thaler and Oppenheimer Main into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fuller Thaler Behavioral and Oppenheimer Main Street, you can compare the effects of market volatilities on Fuller Thaler and Oppenheimer Main 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 Fuller Thaler with a short position of Oppenheimer Main. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fuller Thaler and Oppenheimer Main.
Diversification Opportunities for Fuller Thaler and Oppenheimer Main
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between FULLER and Oppenheimer is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Fuller Thaler Behavioral and Oppenheimer Main Street in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Main Street and Fuller Thaler 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 Fuller Thaler Behavioral are associated (or correlated) with Oppenheimer Main. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Main Street has no effect on the direction of Fuller Thaler i.e., Fuller Thaler and Oppenheimer Main go up and down completely randomly.
Pair Corralation between Fuller Thaler and Oppenheimer Main
Assuming the 90 days horizon Fuller Thaler Behavioral is expected to generate 0.91 times more return on investment than Oppenheimer Main. However, Fuller Thaler Behavioral is 1.1 times less risky than Oppenheimer Main. It trades about 0.11 of its potential returns per unit of risk. Oppenheimer Main Street is currently generating about 0.1 per unit of risk. If you would invest 3,915 in Fuller Thaler Behavioral on September 5, 2024 and sell it today you would earn a total of 1,304 from holding Fuller Thaler Behavioral or generate 33.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.6% |
| Values | Daily Returns |
Fuller Thaler Behavioral vs. Oppenheimer Main Street
Performance |
| Timeline |
| Fuller Thaler Behavioral |
| Oppenheimer Main Street |
Fuller Thaler and Oppenheimer Main Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fuller Thaler and Oppenheimer Main
The main advantage of trading using opposite Fuller Thaler and Oppenheimer Main positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fuller Thaler position performs unexpectedly, Oppenheimer Main 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 Oppenheimer Main will offset losses from the drop in Oppenheimer Main's long position.| Fuller Thaler vs. Fuller Thaler Behavioral | Fuller Thaler vs. Undiscovered Managers Behavioral | Fuller Thaler vs. Calvert Small Cap | Fuller Thaler vs. Doubleline Shiller Enhanced |
| Oppenheimer Main vs. Oppenheimer Intl Small | Oppenheimer Main vs. Oppenheimer Global Strtgc | Oppenheimer Main vs. Oppenheimer Strat Incm | Oppenheimer Main vs. Oppenheimer Strategic Income |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |