Correlation Between Oasmia Pharmaceutical and Lindblad Expeditions
Can any of the company-specific risk be diversified away by investing in both Oasmia Pharmaceutical and Lindblad Expeditions 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 Oasmia Pharmaceutical and Lindblad Expeditions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oasmia Pharmaceutical AB and Lindblad Expeditions Holdings, you can compare the effects of market volatilities on Oasmia Pharmaceutical and Lindblad Expeditions 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 Oasmia Pharmaceutical with a short position of Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasmia Pharmaceutical and Lindblad Expeditions.
Diversification Opportunities for Oasmia Pharmaceutical and Lindblad Expeditions
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oasmia and Lindblad is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Oasmia Pharmaceutical AB and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions and Oasmia Pharmaceutical 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 Oasmia Pharmaceutical AB are associated (or correlated) with Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of Oasmia Pharmaceutical i.e., Oasmia Pharmaceutical and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between Oasmia Pharmaceutical and Lindblad Expeditions
If you would invest 995.00 in Lindblad Expeditions Holdings on September 1, 2024 and sell it today you would earn a total of 331.00 from holding Lindblad Expeditions Holdings or generate 33.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.27% |
| Values | Daily Returns |
Oasmia Pharmaceutical AB vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| Oasmia Pharmaceutical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Lindblad Expeditions |
Oasmia Pharmaceutical and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oasmia Pharmaceutical and Lindblad Expeditions
The main advantage of trading using opposite Oasmia Pharmaceutical and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasmia Pharmaceutical position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| Oasmia Pharmaceutical vs. Artisan Partners Asset | Oasmia Pharmaceutical vs. Stepstone Group | Oasmia Pharmaceutical vs. National Vision Holdings | Oasmia Pharmaceutical vs. SEI Investments |
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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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