Correlation Between Live Oak and Alliancebernstein
Can any of the company-specific risk be diversified away by investing in both Live Oak and Alliancebernstein 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 Live Oak and Alliancebernstein into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Live Oak Health and Alliancebernstein Bond, you can compare the effects of market volatilities on Live Oak and Alliancebernstein 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 Live Oak with a short position of Alliancebernstein. Check out your portfolio center. Please also check ongoing floating volatility patterns of Live Oak and Alliancebernstein.
Diversification Opportunities for Live Oak and Alliancebernstein
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Live and Alliancebernstein is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Live Oak Health and Alliancebernstein Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alliancebernstein Bond and Live Oak 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 Live Oak Health are associated (or correlated) with Alliancebernstein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alliancebernstein Bond has no effect on the direction of Live Oak i.e., Live Oak and Alliancebernstein go up and down completely randomly.
Pair Corralation between Live Oak and Alliancebernstein
If you would invest 2,034 in Live Oak Health on November 6, 2024 and sell it today you would earn a total of 95.00 from holding Live Oak Health or generate 4.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Live Oak Health vs. Alliancebernstein Bond
Performance |
| Timeline |
| Live Oak Health |
| Alliancebernstein Bond |
Live Oak and Alliancebernstein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Live Oak and Alliancebernstein
The main advantage of trading using opposite Live Oak and Alliancebernstein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Live Oak position performs unexpectedly, Alliancebernstein 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 Alliancebernstein will offset losses from the drop in Alliancebernstein's long position.| Live Oak vs. Black Oak Emerging | Live Oak vs. Pin Oak Equity | Live Oak vs. Red Oak Technology | Live Oak vs. White Oak Select |
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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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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