Correlation Between Opdenergy Holding and Cox ABG
Can any of the company-specific risk be diversified away by investing in both Opdenergy Holding and Cox ABG 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 Opdenergy Holding and Cox ABG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Opdenergy Holding SA and Cox ABG Group, you can compare the effects of market volatilities on Opdenergy Holding and Cox ABG 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 Opdenergy Holding with a short position of Cox ABG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Opdenergy Holding and Cox ABG.
Diversification Opportunities for Opdenergy Holding and Cox ABG
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Opdenergy and Cox is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Opdenergy Holding SA and Cox ABG Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cox ABG Group and Opdenergy Holding 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 Opdenergy Holding SA are associated (or correlated) with Cox ABG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cox ABG Group has no effect on the direction of Opdenergy Holding i.e., Opdenergy Holding and Cox ABG go up and down completely randomly.
Pair Corralation between Opdenergy Holding and Cox ABG
If you would invest (100.00) in Opdenergy Holding SA on October 26, 2024 and sell it today you would earn a total of 100.00 from holding Opdenergy Holding SA or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Opdenergy Holding SA vs. Cox ABG Group
Performance |
| Timeline |
| Opdenergy Holding |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cox ABG Group |
Opdenergy Holding and Cox ABG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Opdenergy Holding and Cox ABG
The main advantage of trading using opposite Opdenergy Holding and Cox ABG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Opdenergy Holding position performs unexpectedly, Cox ABG 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 Cox ABG will offset losses from the drop in Cox ABG's long position.| Opdenergy Holding vs. Media Investment Optimization | Opdenergy Holding vs. Bankinter | Opdenergy Holding vs. Cellnex Telecom SA | Opdenergy Holding vs. Elaia Investment Spain |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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