Correlation Between Kaspien Holdings and Oblong
Can any of the company-specific risk be diversified away by investing in both Kaspien Holdings and Oblong 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 Kaspien Holdings and Oblong into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Kaspien Holdings and Oblong Inc, you can compare the effects of market volatilities on Kaspien Holdings and Oblong 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 Kaspien Holdings with a short position of Oblong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kaspien Holdings and Oblong.
Diversification Opportunities for Kaspien Holdings and Oblong
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Kaspien and Oblong is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Kaspien Holdings and Oblong Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oblong Inc and Kaspien Holdings 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 Kaspien Holdings are associated (or correlated) with Oblong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oblong Inc has no effect on the direction of Kaspien Holdings i.e., Kaspien Holdings and Oblong go up and down completely randomly.
Pair Corralation between Kaspien Holdings and Oblong
If you would invest 368.00 in Oblong Inc on November 3, 2024 and sell it today you would earn a total of 54.00 from holding Oblong Inc or generate 14.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Kaspien Holdings vs. Oblong Inc
Performance |
| Timeline |
| Kaspien Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oblong Inc |
Kaspien Holdings and Oblong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kaspien Holdings and Oblong
The main advantage of trading using opposite Kaspien Holdings and Oblong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kaspien Holdings position performs unexpectedly, Oblong 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 Oblong will offset losses from the drop in Oblong's long position.| Kaspien Holdings vs. Quoin Pharmaceuticals Ltd | Kaspien Holdings vs. Intelligent Living Application | Kaspien Holdings vs. Revelation Biosciences | Kaspien Holdings vs. Virax Biolabs Group |
| Oblong vs. Full Truck Alliance | Oblong vs. Kingsoft Cloud Holdings | Oblong vs. Bm Technologies | Oblong vs. ePlus inc |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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