Correlation Between Oppenheimer Gold and Barings Global
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Gold and Barings Global 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 Oppenheimer Gold and Barings Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Gold Special and Barings Global Floating, you can compare the effects of market volatilities on Oppenheimer Gold and Barings Global 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 Oppenheimer Gold with a short position of Barings Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Gold and Barings Global.
Diversification Opportunities for Oppenheimer Gold and Barings Global
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oppenheimer and Barings is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Special and Barings Global Floating in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barings Global Floating and Oppenheimer Gold 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 Oppenheimer Gold Special are associated (or correlated) with Barings Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barings Global Floating has no effect on the direction of Oppenheimer Gold i.e., Oppenheimer Gold and Barings Global go up and down completely randomly.
Pair Corralation between Oppenheimer Gold and Barings Global
If you would invest 2,328 in Oppenheimer Gold Special on November 7, 2024 and sell it today you would earn a total of 186.00 from holding Oppenheimer Gold Special or generate 7.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Gold Special vs. Barings Global Floating
Performance |
| Timeline |
| Oppenheimer Gold Special |
| Barings Global Floating |
Oppenheimer Gold and Barings Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Gold and Barings Global
The main advantage of trading using opposite Oppenheimer Gold and Barings Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Gold position performs unexpectedly, Barings Global 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 Barings Global will offset losses from the drop in Barings Global's long position.| Oppenheimer Gold vs. Angel Oak Ultrashort | Oppenheimer Gold vs. Alpine Ultra Short | Oppenheimer Gold vs. Cmg Ultra Short | Oppenheimer Gold vs. Kentucky Tax Free Short To Medium |
| Barings Global vs. Voya Government Money | Barings Global vs. Great West Government Mortgage | Barings Global vs. Hsbc Government Money | Barings Global vs. Virtus Seix Government |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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