Correlation Between Hasbro and Omni Health
Can any of the company-specific risk be diversified away by investing in both Hasbro and Omni Health 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 Hasbro and Omni Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hasbro Inc and Omni Health, you can compare the effects of market volatilities on Hasbro and Omni Health 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 Hasbro with a short position of Omni Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hasbro and Omni Health.
Diversification Opportunities for Hasbro and Omni Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hasbro and Omni is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hasbro Inc and Omni Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Omni Health and Hasbro 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 Hasbro Inc are associated (or correlated) with Omni Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Omni Health has no effect on the direction of Hasbro i.e., Hasbro and Omni Health go up and down completely randomly.
Pair Corralation between Hasbro and Omni Health
If you would invest 5,335 in Hasbro Inc on September 14, 2024 and sell it today you would earn a total of 1,070 from holding Hasbro Inc or generate 20.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Hasbro Inc vs. Omni Health
Performance |
| Timeline |
| Hasbro Inc |
| Omni Health |
Hasbro and Omni Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hasbro and Omni Health
The main advantage of trading using opposite Hasbro and Omni Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hasbro position performs unexpectedly, Omni Health 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 Omni Health will offset losses from the drop in Omni Health's long position.| Hasbro vs. Clarus Corp | Hasbro vs. Johnson Outdoors | Hasbro vs. JAKKS Pacific | Hasbro vs. OneSpaWorld Holdings |
| Omni Health vs. Caf Serendipity Holdings | Omni Health vs. Green Cures Botanical | Omni Health vs. Vapor Group | Omni Health vs. Ubiquitech Software |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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