Correlation Between Lindblad Expeditions and Occidental
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By analyzing existing cross correlation between Lindblad Expeditions Holdings and Occidental Petroleum 43, you can compare the effects of market volatilities on Lindblad Expeditions and Occidental 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 Lindblad Expeditions with a short position of Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lindblad Expeditions and Occidental.
Diversification Opportunities for Lindblad Expeditions and Occidental
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Lindblad and Occidental is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Lindblad Expeditions Holdings and Occidental Petroleum 43 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum and Lindblad Expeditions 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 Lindblad Expeditions Holdings are associated (or correlated) with Occidental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Occidental Petroleum has no effect on the direction of Lindblad Expeditions i.e., Lindblad Expeditions and Occidental go up and down completely randomly.
Pair Corralation between Lindblad Expeditions and Occidental
Given the investment horizon of 90 days Lindblad Expeditions is expected to generate 35.03 times less return on investment than Occidental. But when comparing it to its historical volatility, Lindblad Expeditions Holdings is 19.37 times less risky than Occidental. It trades about 0.04 of its potential returns per unit of risk. Occidental Petroleum 43 is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 8,275 in Occidental Petroleum 43 on September 3, 2024 and sell it today you would lose (32.00) from holding Occidental Petroleum 43 or give up 0.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 60.61% |
| Values | Daily Returns |
Lindblad Expeditions Holdings vs. Occidental Petroleum 43
Performance |
| Timeline |
| Lindblad Expeditions |
| Occidental Petroleum |
Lindblad Expeditions and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lindblad Expeditions and Occidental
The main advantage of trading using opposite Lindblad Expeditions and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lindblad Expeditions position performs unexpectedly, Occidental 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 Occidental will offset losses from the drop in Occidental's long position.| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. Mondee Holdings | Lindblad Expeditions vs. MakeMyTrip Limited |
| Occidental vs. Lindblad Expeditions Holdings | Occidental vs. Verra Mobility Corp | Occidental vs. Artisan Partners Asset | Occidental vs. Afya |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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