Correlation Between Oasis Hotel and National Beverage
Can any of the company-specific risk be diversified away by investing in both Oasis Hotel and National Beverage 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 National Beverage 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 National Beverage Corp, you can compare the effects of market volatilities on Oasis Hotel and National Beverage 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 National Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasis Hotel and National Beverage.
Diversification Opportunities for Oasis Hotel and National Beverage
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oasis and National is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oasis Hotel Resort and National Beverage Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Beverage Corp 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 National Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Beverage Corp has no effect on the direction of Oasis Hotel i.e., Oasis Hotel and National Beverage go up and down completely randomly.
Pair Corralation between Oasis Hotel and National Beverage
If you would invest 0.02 in Oasis Hotel Resort on November 3, 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 | 95.24% |
| Values | Daily Returns |
Oasis Hotel Resort vs. National Beverage Corp
Performance |
| Timeline |
| Oasis Hotel Resort |
| National Beverage Corp |
Oasis Hotel and National Beverage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oasis Hotel and National Beverage
The main advantage of trading using opposite Oasis Hotel and National Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasis Hotel position performs unexpectedly, National Beverage 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 National Beverage will offset losses from the drop in National Beverage's long position.| Oasis Hotel vs. Highway Holdings Limited | Oasis Hotel vs. Insteel Industries | Oasis Hotel vs. Barrick Gold Corp | Oasis Hotel vs. Copperbank Resources Corp |
| National Beverage vs. Celsius Holdings | National Beverage vs. Monster Beverage Corp | National Beverage vs. Coca Cola Femsa SAB | National Beverage vs. Keurig Dr Pepper |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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