Correlation Between Oasis Hotel and Getty Images
Can any of the company-specific risk be diversified away by investing in both Oasis Hotel and Getty Images 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 Getty Images 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 Getty Images Holdings, you can compare the effects of market volatilities on Oasis Hotel and Getty Images 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 Getty Images. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oasis Hotel and Getty Images.
Diversification Opportunities for Oasis Hotel and Getty Images
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oasis and Getty is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oasis Hotel Resort and Getty Images Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Getty Images Holdings 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 Getty Images. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Getty Images Holdings has no effect on the direction of Oasis Hotel i.e., Oasis Hotel and Getty Images go up and down completely randomly.
Pair Corralation between Oasis Hotel and Getty Images
Given the investment horizon of 90 days Oasis Hotel Resort is expected to under-perform the Getty Images. In addition to that, Oasis Hotel is 1.09 times more volatile than Getty Images Holdings. It trades about -0.05 of its total potential returns per unit of risk. Getty Images Holdings is currently generating about -0.03 per unit of volatility. If you would invest 589.00 in Getty Images Holdings on August 31, 2024 and sell it today you would lose (297.00) from holding Getty Images Holdings or give up 50.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.73% |
| Values | Daily Returns |
Oasis Hotel Resort vs. Getty Images Holdings
Performance |
| Timeline |
| Oasis Hotel Resort |
| Getty Images Holdings |
Oasis Hotel and Getty Images Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oasis Hotel and Getty Images
The main advantage of trading using opposite Oasis Hotel and Getty Images positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oasis Hotel position performs unexpectedly, Getty Images 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 Getty Images will offset losses from the drop in Getty Images' long position.| Oasis Hotel vs. FormFactor | Oasis Hotel vs. Advanced Micro Devices | Oasis Hotel vs. Micron Technology | Oasis Hotel vs. Entegris |
| Getty Images vs. Twilio Inc | Getty Images vs. Baidu Inc | Getty Images vs. Snap Inc | Getty Images vs. ANGI Homeservices |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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