Correlation Between Oppenheimer Holdings and SAI Old
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Holdings and SAI Old 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 Oppenheimer Holdings and SAI Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Holdings and SAI Old, you can compare the effects of market volatilities on Oppenheimer Holdings and SAI Old 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 Oppenheimer Holdings with a short position of SAI Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Holdings and SAI Old.
Diversification Opportunities for Oppenheimer Holdings and SAI Old
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Oppenheimer and SAI is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Holdings and SAI Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SAI Old and Oppenheimer Holdings 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 Oppenheimer Holdings are associated (or correlated) with SAI Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SAI Old has no effect on the direction of Oppenheimer Holdings i.e., Oppenheimer Holdings and SAI Old go up and down completely randomly.
Pair Corralation between Oppenheimer Holdings and SAI Old
If you would invest 6,181 in Oppenheimer Holdings on October 20, 2024 and sell it today you would earn a total of 712.00 from holding Oppenheimer Holdings or generate 11.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Oppenheimer Holdings vs. SAI Old
Performance |
| Timeline |
| Oppenheimer Holdings |
| SAI Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Oppenheimer Holdings and SAI Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Holdings and SAI Old
The main advantage of trading using opposite Oppenheimer Holdings and SAI Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Holdings position performs unexpectedly, SAI Old 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 SAI Old will offset losses from the drop in SAI Old's long position.| Oppenheimer Holdings vs. PJT Partners | Oppenheimer Holdings vs. Houlihan Lokey | Oppenheimer Holdings vs. Stifel Financial | Oppenheimer Holdings vs. Evercore Partners |
| SAI Old vs. Zhong Yang Financial | SAI Old vs. Netcapital | SAI Old vs. Magic Empire Global | SAI Old vs. Applied Digital |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| CEOs Directory Screen CEOs from public companies around the world |