Correlation Between NYSE Composite and Oasmia Pharmaceutical
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and Oasmia Pharmaceutical 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 NYSE Composite and Oasmia Pharmaceutical into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and Oasmia Pharmaceutical AB, you can compare the effects of market volatilities on NYSE Composite and Oasmia Pharmaceutical 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 NYSE Composite with a short position of Oasmia Pharmaceutical. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Oasmia Pharmaceutical.
Diversification Opportunities for NYSE Composite and Oasmia Pharmaceutical
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NYSE and Oasmia is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Oasmia Pharmaceutical AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oasmia Pharmaceutical and NYSE Composite 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 NYSE Composite are associated (or correlated) with Oasmia Pharmaceutical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oasmia Pharmaceutical has no effect on the direction of NYSE Composite i.e., NYSE Composite and Oasmia Pharmaceutical go up and down completely randomly.
Pair Corralation between NYSE Composite and Oasmia Pharmaceutical
If you would invest 1,906,443 in NYSE Composite on August 28, 2024 and sell it today you would earn a total of 115,502 from holding NYSE Composite or generate 6.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 1.56% |
| Values | Daily Returns |
NYSE Composite vs. Oasmia Pharmaceutical AB
Performance |
| Timeline |
NYSE Composite and Oasmia Pharmaceutical Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Oasmia Pharmaceutical AB
Pair trading matchups for Oasmia Pharmaceutical
Pair Trading with NYSE Composite and Oasmia Pharmaceutical
The main advantage of trading using opposite NYSE Composite and Oasmia Pharmaceutical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Oasmia Pharmaceutical 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 Oasmia Pharmaceutical will offset losses from the drop in Oasmia Pharmaceutical's long position.| NYSE Composite vs. Vita Coco | NYSE Composite vs. Franklin Wireless Corp | NYSE Composite vs. Ambev SA ADR | NYSE Composite vs. Toro Co |
| Oasmia Pharmaceutical vs. Ryanair Holdings PLC | Oasmia Pharmaceutical vs. LENSAR Inc | Oasmia Pharmaceutical vs. Cumberland Pharmaceuticals | Oasmia Pharmaceutical vs. Finnair Oyj |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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