Correlation Between Odin For and Contact Financial
Can any of the company-specific risk be diversified away by investing in both Odin For and Contact Financial 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 Odin For and Contact Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Odin for Investment and Contact Financial Holding, you can compare the effects of market volatilities on Odin For and Contact Financial 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 Odin For with a short position of Contact Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Odin For and Contact Financial.
Diversification Opportunities for Odin For and Contact Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Odin and Contact is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Odin for Investment and Contact Financial Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contact Financial Holding and Odin For 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 Odin for Investment are associated (or correlated) with Contact Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contact Financial Holding has no effect on the direction of Odin For i.e., Odin For and Contact Financial go up and down completely randomly.
Pair Corralation between Odin For and Contact Financial
If you would invest 350.00 in Contact Financial Holding on August 31, 2024 and sell it today you would earn a total of 123.00 from holding Contact Financial Holding or generate 35.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Odin for Investment vs. Contact Financial Holding
Performance |
| Timeline |
| Odin for Investment |
| Contact Financial Holding |
Odin For and Contact Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Odin For and Contact Financial
The main advantage of trading using opposite Odin For and Contact Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Odin For position performs unexpectedly, Contact Financial 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 Contact Financial will offset losses from the drop in Contact Financial's long position.| Odin For vs. Paint Chemicals Industries | Odin For vs. Reacap Financial Investments | Odin For vs. Egyptians For Investment | Odin For vs. Misr Oils Soap |
| Contact Financial vs. Paint Chemicals Industries | Contact Financial vs. Reacap Financial Investments | Contact Financial vs. Egyptians For Investment | Contact Financial vs. Misr Oils Soap |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |