Correlation Between Fisher Small and Oppenheimer Rochester
Can any of the company-specific risk be diversified away by investing in both Fisher Small and Oppenheimer Rochester 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 Fisher Small and Oppenheimer Rochester into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fisher Small Cap and Oppenheimer Rochester Amt Free, you can compare the effects of market volatilities on Fisher Small and Oppenheimer Rochester 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 Fisher Small with a short position of Oppenheimer Rochester. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fisher Small and Oppenheimer Rochester.
Diversification Opportunities for Fisher Small and Oppenheimer Rochester
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fisher and Oppenheimer is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Fisher Small Cap and Oppenheimer Rochester Amt Free in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Rochester and Fisher Small 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 Fisher Small Cap are associated (or correlated) with Oppenheimer Rochester. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Rochester has no effect on the direction of Fisher Small i.e., Fisher Small and Oppenheimer Rochester go up and down completely randomly.
Pair Corralation between Fisher Small and Oppenheimer Rochester
Assuming the 90 days horizon Fisher Small Cap is expected to under-perform the Oppenheimer Rochester. In addition to that, Fisher Small is 3.97 times more volatile than Oppenheimer Rochester Amt Free. It trades about -0.43 of its total potential returns per unit of risk. Oppenheimer Rochester Amt Free is currently generating about 0.22 per unit of volatility. If you would invest 682.00 in Oppenheimer Rochester Amt Free on November 29, 2024 and sell it today you would earn a total of 8.00 from holding Oppenheimer Rochester Amt Free or generate 1.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fisher Small Cap vs. Oppenheimer Rochester Amt Free
Performance |
| Timeline |
| Fisher Small Cap |
| Oppenheimer Rochester |
Fisher Small and Oppenheimer Rochester Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fisher Small and Oppenheimer Rochester
The main advantage of trading using opposite Fisher Small and Oppenheimer Rochester positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fisher Small position performs unexpectedly, Oppenheimer Rochester 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 Rochester will offset losses from the drop in Oppenheimer Rochester's long position.| Fisher Small vs. Transamerica Cleartrack Retirement | Fisher Small vs. Moderate Strategy Fund | Fisher Small vs. Franklin Lifesmart Retirement | Fisher Small vs. Wealthbuilder Moderate Balanced |
| Oppenheimer Rochester vs. Fidelity Advisor Gold | Oppenheimer Rochester vs. First Eagle Gold | Oppenheimer Rochester vs. Gabelli Gold Fund | Oppenheimer Rochester vs. Investment Managers Series |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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