Correlation Between Opus Magnum and FUNR
Can any of the company-specific risk be diversified away by investing in both Opus Magnum and FUNR 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 Magnum and FUNR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Opus Magnum Ameris and FUNR, you can compare the effects of market volatilities on Opus Magnum and FUNR 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 Magnum with a short position of FUNR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Opus Magnum and FUNR.
Diversification Opportunities for Opus Magnum and FUNR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Opus and FUNR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Opus Magnum Ameris and FUNR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FUNR and Opus Magnum 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 Magnum Ameris are associated (or correlated) with FUNR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FUNR has no effect on the direction of Opus Magnum i.e., Opus Magnum and FUNR go up and down completely randomly.
Pair Corralation between Opus Magnum and FUNR
If you would invest 0.03 in FUNR on November 27, 2024 and sell it today you would lose (0.01) from holding FUNR or give up 33.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Opus Magnum Ameris vs. FUNR
Performance |
| Timeline |
| Opus Magnum Ameris |
| FUNR |
Opus Magnum and FUNR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Opus Magnum and FUNR
The main advantage of trading using opposite Opus Magnum and FUNR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Opus Magnum position performs unexpectedly, FUNR 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 FUNR will offset losses from the drop in FUNR's long position.| Opus Magnum vs. Green Planet Bio | Opus Magnum vs. Azure Holding Group | Opus Magnum vs. Four Leaf Acquisition |
| FUNR vs. Bowmo Inc | FUNR vs. Eco Innovation Group | FUNR vs. Profitable Develop | FUNR vs. Legends Business Grp |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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