Correlation Between OMV Aktiengesellscha and Wiener Privatbank
Can any of the company-specific risk be diversified away by investing in both OMV Aktiengesellscha and Wiener Privatbank 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 OMV Aktiengesellscha and Wiener Privatbank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OMV Aktiengesellschaft and Wiener Privatbank SE, you can compare the effects of market volatilities on OMV Aktiengesellscha and Wiener Privatbank 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 OMV Aktiengesellscha with a short position of Wiener Privatbank. Check out your portfolio center. Please also check ongoing floating volatility patterns of OMV Aktiengesellscha and Wiener Privatbank.
Diversification Opportunities for OMV Aktiengesellscha and Wiener Privatbank
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between OMV and Wiener is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding OMV Aktiengesellschaft and Wiener Privatbank SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wiener Privatbank and OMV Aktiengesellscha 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 OMV Aktiengesellschaft are associated (or correlated) with Wiener Privatbank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wiener Privatbank has no effect on the direction of OMV Aktiengesellscha i.e., OMV Aktiengesellscha and Wiener Privatbank go up and down completely randomly.
Pair Corralation between OMV Aktiengesellscha and Wiener Privatbank
If you would invest 765.00 in Wiener Privatbank SE on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Wiener Privatbank SE or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
OMV Aktiengesellschaft vs. Wiener Privatbank SE
Performance |
| Timeline |
| OMV Aktiengesellschaft |
| Wiener Privatbank |
OMV Aktiengesellscha and Wiener Privatbank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OMV Aktiengesellscha and Wiener Privatbank
The main advantage of trading using opposite OMV Aktiengesellscha and Wiener Privatbank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OMV Aktiengesellscha position performs unexpectedly, Wiener Privatbank 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 Wiener Privatbank will offset losses from the drop in Wiener Privatbank's long position.| OMV Aktiengesellscha vs. Voestalpine AG | OMV Aktiengesellscha vs. Erste Group Bank | OMV Aktiengesellscha vs. Raiffeisen Bank International | OMV Aktiengesellscha vs. VERBUND AG |
| Wiener Privatbank vs. Raiffeisen Bank International | Wiener Privatbank vs. BAWAG Group AG | Wiener Privatbank vs. Addiko Bank AG |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |