Correlation Between National CineMedia and Oasis Hotel
Can any of the company-specific risk be diversified away by investing in both National CineMedia and Oasis Hotel 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 National CineMedia and Oasis Hotel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between National CineMedia and Oasis Hotel Resort, you can compare the effects of market volatilities on National CineMedia and Oasis Hotel 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 National CineMedia with a short position of Oasis Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of National CineMedia and Oasis Hotel.
Diversification Opportunities for National CineMedia and Oasis Hotel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between National and Oasis is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding National CineMedia and Oasis Hotel Resort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oasis Hotel Resort and National CineMedia 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 National CineMedia are associated (or correlated) with Oasis Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oasis Hotel Resort has no effect on the direction of National CineMedia i.e., National CineMedia and Oasis Hotel go up and down completely randomly.
Pair Corralation between National CineMedia and Oasis Hotel
If you would invest 0.02 in Oasis Hotel Resort on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Oasis Hotel Resort or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
National CineMedia vs. Oasis Hotel Resort
Performance |
| Timeline |
| National CineMedia |
| Oasis Hotel Resort |
National CineMedia and Oasis Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with National CineMedia and Oasis Hotel
The main advantage of trading using opposite National CineMedia and Oasis Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if National CineMedia position performs unexpectedly, Oasis Hotel 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 Oasis Hotel will offset losses from the drop in Oasis Hotel's long position.| National CineMedia vs. MGO Global Common | National CineMedia vs. Baosheng Media Group | National CineMedia vs. Impact Fusion International | National CineMedia vs. ZW Data Action |
| Oasis Hotel vs. Copa Holdings SA | Oasis Hotel vs. United Airlines Holdings | Oasis Hotel vs. Delta Air Lines | Oasis Hotel vs. SkyWest |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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