Correlation Between Omni Health and Maiden Holdings
Can any of the company-specific risk be diversified away by investing in both Omni Health and Maiden Holdings 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 Maiden Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Omni Health and Maiden Holdings, you can compare the effects of market volatilities on Omni Health and Maiden Holdings 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 Maiden Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omni Health and Maiden Holdings.
Diversification Opportunities for Omni Health and Maiden Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Omni and Maiden is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Omni Health and Maiden Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maiden Holdings 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 Maiden Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maiden Holdings has no effect on the direction of Omni Health i.e., Omni Health and Maiden Holdings go up and down completely randomly.
Pair Corralation between Omni Health and Maiden Holdings
If you would invest 1,607 in Maiden Holdings on September 2, 2024 and sell it today you would earn a total of 68.00 from holding Maiden Holdings or generate 4.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.38% |
| Values | Daily Returns |
Omni Health vs. Maiden Holdings
Performance |
| Timeline |
| Omni Health |
| Maiden Holdings |
Omni Health and Maiden Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omni Health and Maiden Holdings
The main advantage of trading using opposite Omni Health and Maiden Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omni Health position performs unexpectedly, Maiden Holdings 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 Maiden Holdings will offset losses from the drop in Maiden Holdings' long position.| Omni Health vs. Walgreens Boots Alliance | Omni Health vs. PetMed Express | Omni Health vs. China Jo Jo Drugstores | Omni Health vs. Leafly Holdings |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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