Correlation Between OCN Old and Mr Cooper
Can any of the company-specific risk be diversified away by investing in both OCN Old and Mr Cooper 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 OCN Old and Mr Cooper into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OCN Old and Mr Cooper Group, you can compare the effects of market volatilities on OCN Old and Mr Cooper 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 OCN Old with a short position of Mr Cooper. Check out your portfolio center. Please also check ongoing floating volatility patterns of OCN Old and Mr Cooper.
Diversification Opportunities for OCN Old and Mr Cooper
Pay attention - limited upside
The 3 months correlation between OCN and COOP is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OCN Old and Mr Cooper Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mr Cooper Group and OCN Old 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 OCN Old are associated (or correlated) with Mr Cooper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mr Cooper Group has no effect on the direction of OCN Old i.e., OCN Old and Mr Cooper go up and down completely randomly.
Pair Corralation between OCN Old and Mr Cooper
If you would invest 10,368 in Mr Cooper Group on November 18, 2024 and sell it today you would earn a total of 418.00 from holding Mr Cooper Group or generate 4.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
OCN Old vs. Mr Cooper Group
Performance |
| Timeline |
| OCN Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Mr Cooper Group |
OCN Old and Mr Cooper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OCN Old and Mr Cooper
The main advantage of trading using opposite OCN Old and Mr Cooper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OCN Old position performs unexpectedly, Mr Cooper 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 Mr Cooper will offset losses from the drop in Mr Cooper's long position.| OCN Old vs. CNFinance Holdings | OCN Old vs. Security National Financial | OCN Old vs. Encore Capital Group | OCN Old vs. Guild Holdings Co |
| Mr Cooper vs. Guild Holdings Co | Mr Cooper vs. Encore Capital Group | Mr Cooper vs. CNFinance Holdings | Mr Cooper vs. Velocity Financial Llc |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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