Correlation Between Oasis Hotel and Consol Energy
Can any of the company-specific risk be diversified away by investing in both Oasis Hotel and Consol Energy 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 Oasis Hotel and Consol Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oasis Hotel Resort and Consol Energy, you can compare the effects of market volatilities on Oasis Hotel and Consol Energy 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 Oasis Hotel with a short position of Consol Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasis Hotel and Consol Energy.
Diversification Opportunities for Oasis Hotel and Consol Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oasis and Consol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oasis Hotel Resort and Consol Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Consol Energy and Oasis Hotel 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 Oasis Hotel Resort are associated (or correlated) with Consol Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Consol Energy has no effect on the direction of Oasis Hotel i.e., Oasis Hotel and Consol Energy go up and down completely randomly.
Pair Corralation between Oasis Hotel and Consol Energy
If you would invest 0.02 in Oasis Hotel Resort on October 20, 2024 and sell it today you would earn a total of 0.00 from holding Oasis Hotel Resort or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 85.0% |
| Values | Daily Returns |
Oasis Hotel Resort vs. Consol Energy
Performance |
| Timeline |
| Oasis Hotel Resort |
| Consol Energy |
Oasis Hotel and Consol Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oasis Hotel and Consol Energy
The main advantage of trading using opposite Oasis Hotel and Consol Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasis Hotel position performs unexpectedly, Consol Energy 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 Consol Energy will offset losses from the drop in Consol Energy's long position.| Oasis Hotel vs. KVH Industries | Oasis Hotel vs. BBB Foods | Oasis Hotel vs. Space Communication | Oasis Hotel vs. AMCON Distributing |
| Consol Energy vs. Alliance Resource Partners | Consol Energy vs. Natural Resource Partners | Consol Energy vs. Hallador Energy | Consol Energy vs. NACCO Industries |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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