Correlation Between Oppenheimer Rising and Aim International
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Rising and Aim International 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 Oppenheimer Rising and Aim International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Rising Dividends and Aim International Mutual, you can compare the effects of market volatilities on Oppenheimer Rising and Aim International 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 Oppenheimer Rising with a short position of Aim International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Rising and Aim International.
Diversification Opportunities for Oppenheimer Rising and Aim International
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Oppenheimer and Aim is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Rising Dividends and Aim International Mutual in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aim International Mutual and Oppenheimer Rising 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 Oppenheimer Rising Dividends are associated (or correlated) with Aim International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aim International Mutual has no effect on the direction of Oppenheimer Rising i.e., Oppenheimer Rising and Aim International go up and down completely randomly.
Pair Corralation between Oppenheimer Rising and Aim International
Assuming the 90 days horizon Oppenheimer Rising Dividends is expected to under-perform the Aim International. But the mutual fund apears to be less risky and, when comparing its historical volatility, Oppenheimer Rising Dividends is 1.25 times less risky than Aim International. The mutual fund trades about -0.09 of its potential returns per unit of risk. The Aim International Mutual is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 3,833 in Aim International Mutual on November 25, 2024 and sell it today you would earn a total of 71.00 from holding Aim International Mutual or generate 1.85% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Oppenheimer Rising Dividends vs. Aim International Mutual
Performance |
Timeline |
Oppenheimer Rising |
Aim International Mutual |
Oppenheimer Rising and Aim International Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Oppenheimer Rising and Aim International
The main advantage of trading using opposite Oppenheimer Rising and Aim International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Rising position performs unexpectedly, Aim International 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 Aim International will offset losses from the drop in Aim International's long position.Oppenheimer Rising vs. Blackrock Science Technology | ||
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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