Correlation Between Manitou BF and Ossiam Shiller
Can any of the company-specific risk be diversified away by investing in both Manitou BF and Ossiam Shiller 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 Manitou BF and Ossiam Shiller into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manitou BF SA and Ossiam Shiller Barclays, you can compare the effects of market volatilities on Manitou BF and Ossiam Shiller 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 Manitou BF with a short position of Ossiam Shiller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manitou BF and Ossiam Shiller.
Diversification Opportunities for Manitou BF and Ossiam Shiller
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Manitou and Ossiam is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Manitou BF SA and Ossiam Shiller Barclays in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ossiam Shiller Barclays and Manitou BF 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 Manitou BF SA are associated (or correlated) with Ossiam Shiller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ossiam Shiller Barclays has no effect on the direction of Manitou BF i.e., Manitou BF and Ossiam Shiller go up and down completely randomly.
Pair Corralation between Manitou BF and Ossiam Shiller
Assuming the 90 days trading horizon Manitou BF SA is expected to under-perform the Ossiam Shiller. In addition to that, Manitou BF is 2.64 times more volatile than Ossiam Shiller Barclays. It trades about -0.18 of its total potential returns per unit of risk. Ossiam Shiller Barclays is currently generating about -0.07 per unit of volatility. If you would invest 51,360 in Ossiam Shiller Barclays on September 2, 2024 and sell it today you would lose (610.00) from holding Ossiam Shiller Barclays or give up 1.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manitou BF SA vs. Ossiam Shiller Barclays
Performance |
| Timeline |
| Manitou BF SA |
| Ossiam Shiller Barclays |
Manitou BF and Ossiam Shiller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manitou BF and Ossiam Shiller
The main advantage of trading using opposite Manitou BF and Ossiam Shiller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manitou BF position performs unexpectedly, Ossiam Shiller 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 Ossiam Shiller will offset losses from the drop in Ossiam Shiller's long position.| Manitou BF vs. Air Liquide SA | Manitou BF vs. Vinci SA | Manitou BF vs. LOreal SA | Manitou BF vs. Compagnie de Saint Gobain |
| Ossiam Shiller vs. Manitou BF SA | Ossiam Shiller vs. Granite 3x LVMH | Ossiam Shiller vs. 21Shares Polkadot ETP | Ossiam Shiller vs. Ekinops SA |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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