Correlation Between Opko Health and GFC Green
Can any of the company-specific risk be diversified away by investing in both Opko Health and GFC Green 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 Opko Health and GFC Green into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Opko Health and GFC Green Fields, you can compare the effects of market volatilities on Opko Health and GFC Green 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 Opko Health with a short position of GFC Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of Opko Health and GFC Green.
Diversification Opportunities for Opko Health and GFC Green
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Opko and GFC is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Opko Health and GFC Green Fields in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GFC Green Fields and Opko Health 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 Opko Health are associated (or correlated) with GFC Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GFC Green Fields has no effect on the direction of Opko Health i.e., Opko Health and GFC Green go up and down completely randomly.
Pair Corralation between Opko Health and GFC Green
If you would invest 115,000 in GFC Green Fields on September 12, 2024 and sell it today you would earn a total of 0.00 from holding GFC Green Fields or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Opko Health vs. GFC Green Fields
Performance |
| Timeline |
| Opko Health |
| GFC Green Fields |
Opko Health and GFC Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Opko Health and GFC Green
The main advantage of trading using opposite Opko Health and GFC Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Opko Health position performs unexpectedly, GFC Green 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 GFC Green will offset losses from the drop in GFC Green's long position.| Opko Health vs. Teva Pharmaceutical Industries | Opko Health vs. Tower Semiconductor | Opko Health vs. Nice | Opko Health vs. Kamada |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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