Correlation Between Oppenheimer Intl and Fmasx
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Intl and Fmasx 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 Intl and Fmasx into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Intl Grwth and Fmasx, you can compare the effects of market volatilities on Oppenheimer Intl and Fmasx 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 Intl with a short position of Fmasx. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and Fmasx.
Diversification Opportunities for Oppenheimer Intl and Fmasx
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Oppenheimer and Fmasx is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Grwth and Fmasx in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fmasx and Oppenheimer Intl 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 Intl Grwth are associated (or correlated) with Fmasx. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fmasx has no effect on the direction of Oppenheimer Intl i.e., Oppenheimer Intl and Fmasx go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and Fmasx
Assuming the 90 days horizon Oppenheimer Intl Grwth is expected to under-perform the Fmasx. In addition to that, Oppenheimer Intl is 2.3 times more volatile than Fmasx. It trades about -0.29 of its total potential returns per unit of risk. Fmasx is currently generating about -0.08 per unit of volatility. If you would invest 1,527 in Fmasx on October 9, 2024 and sell it today you would lose (26.00) from holding Fmasx or give up 1.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Oppenheimer Intl Grwth vs. Fmasx
Performance |
| Timeline |
| Oppenheimer Intl Grwth |
| Fmasx |
Oppenheimer Intl and Fmasx Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and Fmasx
The main advantage of trading using opposite Oppenheimer Intl and Fmasx positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl position performs unexpectedly, Fmasx 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 Fmasx will offset losses from the drop in Fmasx's long position.| Oppenheimer Intl vs. Oppenheimer Main Street | Oppenheimer Intl vs. Oppenheimer Intl Small | Oppenheimer Intl vs. Oppenheimer Main Street | Oppenheimer Intl vs. Oppenheimer Global Strtgc |
| Fmasx vs. Siit High Yield | Fmasx vs. Virtus High Yield | Fmasx vs. Ab High Income | Fmasx vs. Millerhoward High Income |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |