Correlation Between OPUS GLOBAL and ANY Security
Can any of the company-specific risk be diversified away by investing in both OPUS GLOBAL and ANY Security 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 OPUS GLOBAL and ANY Security into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OPUS GLOBAL Nyrt and ANY Security Printing, you can compare the effects of market volatilities on OPUS GLOBAL and ANY Security 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 OPUS GLOBAL with a short position of ANY Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of OPUS GLOBAL and ANY Security.
Diversification Opportunities for OPUS GLOBAL and ANY Security
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between OPUS and ANY is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding OPUS GLOBAL Nyrt and ANY Security Printing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANY Security Printing and OPUS GLOBAL 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 OPUS GLOBAL Nyrt are associated (or correlated) with ANY Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANY Security Printing has no effect on the direction of OPUS GLOBAL i.e., OPUS GLOBAL and ANY Security go up and down completely randomly.
Pair Corralation between OPUS GLOBAL and ANY Security
Assuming the 90 days trading horizon OPUS GLOBAL Nyrt is expected to generate 0.57 times more return on investment than ANY Security. However, OPUS GLOBAL Nyrt is 1.75 times less risky than ANY Security. It trades about 0.15 of its potential returns per unit of risk. ANY Security Printing is currently generating about 0.03 per unit of risk. If you would invest 45,500 in OPUS GLOBAL Nyrt on August 29, 2024 and sell it today you would earn a total of 4,900 from holding OPUS GLOBAL Nyrt or generate 10.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
OPUS GLOBAL Nyrt vs. ANY Security Printing
Performance |
| Timeline |
| OPUS GLOBAL Nyrt |
| ANY Security Printing |
OPUS GLOBAL and ANY Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OPUS GLOBAL and ANY Security
The main advantage of trading using opposite OPUS GLOBAL and ANY Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OPUS GLOBAL position performs unexpectedly, ANY Security 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 ANY Security will offset losses from the drop in ANY Security's long position.| OPUS GLOBAL vs. NordTelekom Telecommunications Service | OPUS GLOBAL vs. CIG Pannonia Life | OPUS GLOBAL vs. Infineon Technologies AG | OPUS GLOBAL vs. Nutex Investments PLC |
| ANY Security vs. Commerzbank AG | ANY Security vs. OTP Bank Nyrt | ANY Security vs. NordTelekom Telecommunications Service | ANY Security vs. Nutex Investments PLC |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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