Correlation Between Oneview Healthcare and Bendigo
Can any of the company-specific risk be diversified away by investing in both Oneview Healthcare and Bendigo 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 Oneview Healthcare and Bendigo into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oneview Healthcare PLC and Bendigo and Adelaide, you can compare the effects of market volatilities on Oneview Healthcare and Bendigo 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 Oneview Healthcare with a short position of Bendigo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oneview Healthcare and Bendigo.
Diversification Opportunities for Oneview Healthcare and Bendigo
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Oneview and Bendigo is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Oneview Healthcare PLC and Bendigo and Adelaide in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bendigo and Adelaide and Oneview Healthcare 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 Oneview Healthcare PLC are associated (or correlated) with Bendigo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bendigo and Adelaide has no effect on the direction of Oneview Healthcare i.e., Oneview Healthcare and Bendigo go up and down completely randomly.
Pair Corralation between Oneview Healthcare and Bendigo
Assuming the 90 days trading horizon Oneview Healthcare PLC is expected to generate 14.65 times more return on investment than Bendigo. However, Oneview Healthcare is 14.65 times more volatile than Bendigo and Adelaide. It trades about 0.06 of its potential returns per unit of risk. Bendigo and Adelaide is currently generating about 0.06 per unit of risk. If you would invest 12.00 in Oneview Healthcare PLC on September 5, 2024 and sell it today you would earn a total of 20.00 from holding Oneview Healthcare PLC or generate 166.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Oneview Healthcare PLC vs. Bendigo and Adelaide
Performance |
| Timeline |
| Oneview Healthcare PLC |
| Bendigo and Adelaide |
Oneview Healthcare and Bendigo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oneview Healthcare and Bendigo
The main advantage of trading using opposite Oneview Healthcare and Bendigo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oneview Healthcare position performs unexpectedly, Bendigo 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 Bendigo will offset losses from the drop in Bendigo's long position.| Oneview Healthcare vs. Aneka Tambang Tbk | Oneview Healthcare vs. BHP Group Limited | Oneview Healthcare vs. Commonwealth Bank of | Oneview Healthcare vs. Commonwealth Bank of |
| Bendigo vs. Healthco Healthcare and | Bendigo vs. Commonwealth Bank of | Bendigo vs. Oneview Healthcare PLC | Bendigo vs. Regis Healthcare |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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