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 Inflation, 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
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oppenheimer and Loomis is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Gold Special and Loomis Sayles Inflation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loomis Sayles Inflation 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 Inflation 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 7.19 times more volatile than Loomis Sayles Inflation. It trades about -0.19 of its total potential returns per unit of risk. Loomis Sayles Inflation is currently generating about -0.14 per unit of volatility. If you would invest 961.00 in Loomis Sayles Inflation on September 26, 2024 and sell it today you would lose (15.00) from holding Loomis Sayles Inflation or give up 1.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Gold Special vs. Loomis Sayles Inflation
Performance |
| Timeline |
| Oppenheimer Gold Special |
| Loomis Sayles Inflation |
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. Nasdaq 100 Index Fund | Oppenheimer Gold vs. Ab Small Cap | Oppenheimer Gold vs. T Rowe Price | Oppenheimer Gold vs. Commodities Strategy Fund |
| Loomis Sayles vs. Oppenheimer Gold Special | Loomis Sayles vs. Fidelity Advisor Gold | Loomis Sayles vs. Gold And Precious | Loomis Sayles vs. International Investors Gold |
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.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |