Correlation Between OppFi and 31620MBW5
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By analyzing existing cross correlation between OppFi Inc and FIS 47 15 JUL 27, you can compare the effects of market volatilities on OppFi and 31620MBW5 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 31620MBW5. Check out your portfolio center. Please also check ongoing floating volatility patterns of OppFi and 31620MBW5.
Diversification Opportunities for OppFi and 31620MBW5
Excellent diversification
The 3 months correlation between OppFi and 31620MBW5 is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding OppFi Inc and FIS 47 15 JUL 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FIS 47 15 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 31620MBW5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FIS 47 15 has no effect on the direction of OppFi i.e., OppFi and 31620MBW5 go up and down completely randomly.
Pair Corralation between OppFi and 31620MBW5
Given the investment horizon of 90 days OppFi Inc is expected to generate 13.36 times more return on investment than 31620MBW5. However, OppFi is 13.36 times more volatile than FIS 47 15 JUL 27. It trades about 0.24 of its potential returns per unit of risk. FIS 47 15 JUL 27 is currently generating about -0.1 per unit of risk. If you would invest 450.00 in OppFi Inc on October 24, 2024 and sell it today you would earn a total of 652.00 from holding OppFi Inc or generate 144.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 74.07% |
| Values | Daily Returns |
OppFi Inc vs. FIS 47 15 JUL 27
Performance |
| Timeline |
| OppFi Inc |
| FIS 47 15 |
OppFi and 31620MBW5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OppFi and 31620MBW5
The main advantage of trading using opposite OppFi and 31620MBW5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OppFi position performs unexpectedly, 31620MBW5 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 31620MBW5 will offset losses from the drop in 31620MBW5's long position.The idea behind OppFi Inc and FIS 47 15 JUL 27 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.| 31620MBW5 vs. Logan Ridge Finance | 31620MBW5 vs. FS KKR Capital | 31620MBW5 vs. Fidus Investment Corp | 31620MBW5 vs. Molson Coors Brewing |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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