Correlation Between Oasis Hotel and GD Entertainment
Can any of the company-specific risk be diversified away by investing in both Oasis Hotel and GD Entertainment 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 GD Entertainment 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 GD Entertainment Technology, you can compare the effects of market volatilities on Oasis Hotel and GD Entertainment 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 GD Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasis Hotel and GD Entertainment.
Diversification Opportunities for Oasis Hotel and GD Entertainment
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oasis and GDET is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oasis Hotel Resort and GD Entertainment Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GD Entertainment Tec 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 GD Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GD Entertainment Tec has no effect on the direction of Oasis Hotel i.e., Oasis Hotel and GD Entertainment go up and down completely randomly.
Pair Corralation between Oasis Hotel and GD Entertainment
If you would invest 0.01 in GD Entertainment Technology on August 29, 2024 and sell it today you would earn a total of 0.00 from holding GD Entertainment Technology or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oasis Hotel Resort vs. GD Entertainment Technology
Performance |
| Timeline |
| Oasis Hotel Resort |
| GD Entertainment Tec |
Oasis Hotel and GD Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oasis Hotel and GD Entertainment
The main advantage of trading using opposite Oasis Hotel and GD Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasis Hotel position performs unexpectedly, GD Entertainment 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 GD Entertainment will offset losses from the drop in GD Entertainment's long position.| Oasis Hotel vs. Copa Holdings SA | Oasis Hotel vs. United Airlines Holdings | Oasis Hotel vs. Delta Air Lines | Oasis Hotel vs. SkyWest |
| GD Entertainment vs. Chester Mining | GD Entertainment vs. Park Hotels Resorts | GD Entertainment vs. BJs Restaurants | GD Entertainment vs. Oasis Hotel Resort |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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