Correlation Between OppFi and Delta Oil
Can any of the company-specific risk be diversified away by investing in both OppFi and Delta Oil 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 OppFi and Delta Oil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OppFi Inc and Delta Oil Gas, you can compare the effects of market volatilities on OppFi and Delta Oil 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 OppFi with a short position of Delta Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of OppFi and Delta Oil.
Diversification Opportunities for OppFi and Delta Oil
Very good diversification
The 3 months correlation between OppFi and Delta is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding OppFi Inc and Delta Oil Gas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delta Oil Gas and OppFi 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 OppFi Inc are associated (or correlated) with Delta Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delta Oil Gas has no effect on the direction of OppFi i.e., OppFi and Delta Oil go up and down completely randomly.
Pair Corralation between OppFi and Delta Oil
If you would invest 426.00 in OppFi Inc on September 12, 2024 and sell it today you would earn a total of 259.00 from holding OppFi Inc or generate 60.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OppFi Inc vs. Delta Oil Gas
Performance |
| Timeline |
| OppFi Inc |
| Delta Oil Gas |
OppFi and Delta Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OppFi and Delta Oil
The main advantage of trading using opposite OppFi and Delta Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OppFi position performs unexpectedly, Delta Oil 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 Delta Oil will offset losses from the drop in Delta Oil's long position.The idea behind OppFi Inc and Delta Oil Gas pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Delta Oil vs. Lion One Metals | Delta Oil vs. EvoAir Holdings | Delta Oil vs. Summit Materials | Delta Oil vs. Alaska Air Group |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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