Correlation Between Omni Health and Hasbro
Can any of the company-specific risk be diversified away by investing in both Omni Health and Hasbro 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 Omni Health and Hasbro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Omni Health and Hasbro Inc, you can compare the effects of market volatilities on Omni Health and Hasbro 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 Omni Health with a short position of Hasbro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omni Health and Hasbro.
Diversification Opportunities for Omni Health and Hasbro
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Omni and Hasbro is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Omni Health and Hasbro Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hasbro Inc and Omni Health 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 Omni Health are associated (or correlated) with Hasbro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hasbro Inc has no effect on the direction of Omni Health i.e., Omni Health and Hasbro go up and down completely randomly.
Pair Corralation between Omni Health and Hasbro
Given the investment horizon of 90 days Omni Health is expected to generate 162.64 times more return on investment than Hasbro. However, Omni Health is 162.64 times more volatile than Hasbro Inc. It trades about 0.22 of its potential returns per unit of risk. Hasbro Inc is currently generating about 0.08 per unit of risk. If you would invest 0.00 in Omni Health on September 13, 2024 and sell it today you would earn a total of 0.00 from holding Omni Health or generate 9.223372036854776E16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Omni Health vs. Hasbro Inc
Performance |
| Timeline |
| Omni Health |
| Hasbro Inc |
Omni Health and Hasbro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omni Health and Hasbro
The main advantage of trading using opposite Omni Health and Hasbro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omni Health position performs unexpectedly, Hasbro 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 Hasbro will offset losses from the drop in Hasbro's long position.| Omni Health vs. Caf Serendipity Holdings | Omni Health vs. Green Cures Botanical | Omni Health vs. Vapor Group | Omni Health vs. Ubiquitech Software |
| Hasbro vs. Clarus Corp | Hasbro vs. Escalade Incorporated | Hasbro vs. Johnson Outdoors | Hasbro vs. JAKKS Pacific |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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