Correlation Between Hamilton Insurance and Oxbridge
Can any of the company-specific risk be diversified away by investing in both Hamilton Insurance and Oxbridge 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 Hamilton Insurance and Oxbridge into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamilton Insurance Group, and Oxbridge Re Holdings, you can compare the effects of market volatilities on Hamilton Insurance and Oxbridge 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 Hamilton Insurance with a short position of Oxbridge. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Insurance and Oxbridge.
Diversification Opportunities for Hamilton Insurance and Oxbridge
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hamilton and Oxbridge is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Insurance Group, and Oxbridge Re Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxbridge Re Holdings and Hamilton Insurance 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 Hamilton Insurance Group, are associated (or correlated) with Oxbridge. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxbridge Re Holdings has no effect on the direction of Hamilton Insurance i.e., Hamilton Insurance and Oxbridge go up and down completely randomly.
Pair Corralation between Hamilton Insurance and Oxbridge
Allowing for the 90-day total investment horizon Hamilton Insurance Group, is expected to under-perform the Oxbridge. But the stock apears to be less risky and, when comparing its historical volatility, Hamilton Insurance Group, is 73.51 times less risky than Oxbridge. The stock trades about -0.01 of its potential returns per unit of risk. The Oxbridge Re Holdings is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 15.00 in Oxbridge Re Holdings on August 30, 2024 and sell it today you would earn a total of 6.99 from holding Oxbridge Re Holdings or generate 46.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 63.49% |
| Values | Daily Returns |
Hamilton Insurance Group, vs. Oxbridge Re Holdings
Performance |
| Timeline |
| Hamilton Insurance Group, |
| Oxbridge Re Holdings |
Hamilton Insurance and Oxbridge Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamilton Insurance and Oxbridge
The main advantage of trading using opposite Hamilton Insurance and Oxbridge positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamilton Insurance position performs unexpectedly, Oxbridge 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 Oxbridge will offset losses from the drop in Oxbridge's long position.| Hamilton Insurance vs. Lucid Group | Hamilton Insurance vs. Visteon Corp | Hamilton Insurance vs. HF Sinclair Corp | Hamilton Insurance vs. AerSale Corp |
| Oxbridge vs. Maiden Holdings | Oxbridge vs. Greenlight Capital Re | Oxbridge vs. RenaissanceRe Holdings | Oxbridge vs. Renaissancere Holdings |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |