Correlation Between OppFi and 85855CAA8
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By analyzing existing cross correlation between OppFi Inc and STLA 1711 29 JAN 27, you can compare the effects of market volatilities on OppFi and 85855CAA8 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 85855CAA8. Check out your portfolio center. Please also check ongoing floating volatility patterns of OppFi and 85855CAA8.
Diversification Opportunities for OppFi and 85855CAA8
Very weak diversification
The 3 months correlation between OppFi and 85855CAA8 is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding OppFi Inc and STLA 1711 29 JAN 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STLA 1711 29 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 85855CAA8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STLA 1711 29 has no effect on the direction of OppFi i.e., OppFi and 85855CAA8 go up and down completely randomly.
Pair Corralation between OppFi and 85855CAA8
Given the investment horizon of 90 days OppFi Inc is expected to generate 3.02 times more return on investment than 85855CAA8. However, OppFi is 3.02 times more volatile than STLA 1711 29 JAN 27. It trades about 0.41 of its potential returns per unit of risk. STLA 1711 29 JAN 27 is currently generating about -0.3 per unit of risk. If you would invest 808.00 in OppFi Inc on November 3, 2024 and sell it today you would earn a total of 563.00 from holding OppFi Inc or generate 69.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 47.62% |
| Values | Daily Returns |
OppFi Inc vs. STLA 1711 29 JAN 27
Performance |
| Timeline |
| OppFi Inc |
| STLA 1711 29 |
OppFi and 85855CAA8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OppFi and 85855CAA8
The main advantage of trading using opposite OppFi and 85855CAA8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OppFi position performs unexpectedly, 85855CAA8 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 85855CAA8 will offset losses from the drop in 85855CAA8's long position.The idea behind OppFi Inc and STLA 1711 29 JAN 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.| 85855CAA8 vs. ASE Industrial Holding | 85855CAA8 vs. FormFactor | 85855CAA8 vs. Arm Holdings plc | 85855CAA8 vs. Brunswick |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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