Correlation Between OFFICE DEPOT and MOLSON COORS
Can any of the company-specific risk be diversified away by investing in both OFFICE DEPOT and MOLSON COORS 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 OFFICE DEPOT and MOLSON COORS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OFFICE DEPOT and MOLSON RS BEVERAGE, you can compare the effects of market volatilities on OFFICE DEPOT and MOLSON COORS 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 OFFICE DEPOT with a short position of MOLSON COORS. Check out your portfolio center. Please also check ongoing floating volatility patterns of OFFICE DEPOT and MOLSON COORS.
Diversification Opportunities for OFFICE DEPOT and MOLSON COORS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OFFICE and MOLSON is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OFFICE DEPOT and MOLSON RS BEVERAGE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MOLSON RS BEVERAGE and OFFICE DEPOT 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 OFFICE DEPOT are associated (or correlated) with MOLSON COORS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MOLSON RS BEVERAGE has no effect on the direction of OFFICE DEPOT i.e., OFFICE DEPOT and MOLSON COORS go up and down completely randomly.
Pair Corralation between OFFICE DEPOT and MOLSON COORS
If you would invest 1,920 in OFFICE DEPOT on October 19, 2024 and sell it today you would earn a total of 0.00 from holding OFFICE DEPOT or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OFFICE DEPOT vs. MOLSON RS BEVERAGE
Performance |
| Timeline |
| OFFICE DEPOT |
| MOLSON RS BEVERAGE |
OFFICE DEPOT and MOLSON COORS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OFFICE DEPOT and MOLSON COORS
The main advantage of trading using opposite OFFICE DEPOT and MOLSON COORS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OFFICE DEPOT position performs unexpectedly, MOLSON COORS 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 MOLSON COORS will offset losses from the drop in MOLSON COORS's long position.| OFFICE DEPOT vs. AEGEAN AIRLINES | OFFICE DEPOT vs. ecotel communication ag | OFFICE DEPOT vs. Highlight Communications AG | OFFICE DEPOT vs. Cairo Communication SpA |
| MOLSON COORS vs. UNITED UTILITIES GR | MOLSON COORS vs. PNC Financial Services | MOLSON COORS vs. CDN IMPERIAL BANK | MOLSON COORS vs. Chesapeake Utilities |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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