Correlation Between Oppenheimer Gold and Loomis Sayles
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Gold and Loomis Sayles 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 Loomis Sayles 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 Loomis Sayles Investment, you can compare the effects of market volatilities on Oppenheimer Gold and Loomis Sayles 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 Loomis Sayles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Gold and Loomis Sayles.
Diversification Opportunities for Oppenheimer Gold and Loomis Sayles
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Oppenheimer and Loomis is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Special and Loomis Sayles Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loomis Sayles Investment 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 Loomis Sayles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loomis Sayles Investment has no effect on the direction of Oppenheimer Gold i.e., Oppenheimer Gold and Loomis Sayles go up and down completely randomly.
Pair Corralation between Oppenheimer Gold and Loomis Sayles
Assuming the 90 days horizon Oppenheimer Gold Special is expected to under-perform the Loomis Sayles. In addition to that, Oppenheimer Gold is 6.03 times more volatile than Loomis Sayles Investment. It trades about -0.11 of its total potential returns per unit of risk. Loomis Sayles Investment is currently generating about 0.16 per unit of volatility. If you would invest 967.00 in Loomis Sayles Investment on September 2, 2024 and sell it today you would earn a total of 11.00 from holding Loomis Sayles Investment or generate 1.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Gold Special vs. Loomis Sayles Investment
Performance |
| Timeline |
| Oppenheimer Gold Special |
| Loomis Sayles Investment |
Oppenheimer Gold and Loomis Sayles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Gold and Loomis Sayles
The main advantage of trading using opposite Oppenheimer Gold and Loomis Sayles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Gold position performs unexpectedly, Loomis Sayles 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 Loomis Sayles will offset losses from the drop in Loomis Sayles' long position.| Oppenheimer Gold vs. Abr 7525 Volatility | Oppenheimer Gold vs. Aam Select Income | Oppenheimer Gold vs. Scharf Global Opportunity | Oppenheimer Gold vs. Leggmason Partners Institutional |
| Loomis Sayles vs. Asg Managed Futures | Loomis Sayles vs. Asg Managed Futures | Loomis Sayles vs. Natixis Oakmark | Loomis Sayles vs. Natixis Oakmark International |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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