Correlation Between Omni Health and HANOVER
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By analyzing existing cross correlation between Omni Health and HANOVER INS GROUP, you can compare the effects of market volatilities on Omni Health and HANOVER 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 HANOVER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Omni Health and HANOVER.
Diversification Opportunities for Omni Health and HANOVER
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Omni and HANOVER is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Omni Health and HANOVER INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HANOVER INS GROUP 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 HANOVER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HANOVER INS GROUP has no effect on the direction of Omni Health i.e., Omni Health and HANOVER go up and down completely randomly.
Pair Corralation between Omni Health and HANOVER
If you would invest 0.00 in Omni Health on September 3, 2024 and sell it today you would earn a total of 0.00 from holding Omni Health or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 83.2% |
| Values | Daily Returns |
Omni Health vs. HANOVER INS GROUP
Performance |
| Timeline |
| Omni Health |
| HANOVER INS GROUP |
Omni Health and HANOVER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Omni Health and HANOVER
The main advantage of trading using opposite Omni Health and HANOVER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Omni Health position performs unexpectedly, HANOVER 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 HANOVER will offset losses from the drop in HANOVER'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 |
| HANOVER vs. Omni Health | HANOVER vs. Entravision Communications | HANOVER vs. Viemed Healthcare | HANOVER vs. PennantPark Floating Rate |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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