Correlation Between Osisko Development and Pintec Technology
Can any of the company-specific risk be diversified away by investing in both Osisko Development and Pintec Technology 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 Osisko Development and Pintec Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osisko Development Corp and Pintec Technology Holdings, you can compare the effects of market volatilities on Osisko Development and Pintec Technology 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 Osisko Development with a short position of Pintec Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osisko Development and Pintec Technology.
Diversification Opportunities for Osisko Development and Pintec Technology
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Osisko and Pintec is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Osisko Development Corp and Pintec Technology Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pintec Technology and Osisko Development 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 Osisko Development Corp are associated (or correlated) with Pintec Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pintec Technology has no effect on the direction of Osisko Development i.e., Osisko Development and Pintec Technology go up and down completely randomly.
Pair Corralation between Osisko Development and Pintec Technology
Assuming the 90 days horizon Osisko Development Corp is expected to under-perform the Pintec Technology. In addition to that, Osisko Development is 5.38 times more volatile than Pintec Technology Holdings. It trades about -0.18 of its total potential returns per unit of risk. Pintec Technology Holdings is currently generating about 0.21 per unit of volatility. If you would invest 90.00 in Pintec Technology Holdings on October 20, 2024 and sell it today you would earn a total of 10.00 from holding Pintec Technology Holdings or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 55.0% |
| Values | Daily Returns |
Osisko Development Corp vs. Pintec Technology Holdings
Performance |
| Timeline |
| Osisko Development Corp |
| Pintec Technology |
Osisko Development and Pintec Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osisko Development and Pintec Technology
The main advantage of trading using opposite Osisko Development and Pintec Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osisko Development position performs unexpectedly, Pintec Technology 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 Pintec Technology will offset losses from the drop in Pintec Technology's long position.| Osisko Development vs. Pintec Technology Holdings | Osisko Development vs. Cheche Group Class | Osisko Development vs. Transcontinental Realty Investors | Osisko Development vs. Park National |
| Pintec Technology vs. Upstart Holdings | Pintec Technology vs. Affirm Holdings | Pintec Technology vs. Lucid Group | Pintec Technology vs. Palantir Technologies Class |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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