Correlation Between Oppenheimer Holdings and Wisekey International
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Holdings and Wisekey International 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 Wisekey International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Holdings and Wisekey International Holding, you can compare the effects of market volatilities on Oppenheimer Holdings and Wisekey International 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 Wisekey International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Holdings and Wisekey International.
Diversification Opportunities for Oppenheimer Holdings and Wisekey International
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oppenheimer and Wisekey is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Holdings and Wisekey International Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wisekey International 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 Wisekey International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wisekey International has no effect on the direction of Oppenheimer Holdings i.e., Oppenheimer Holdings and Wisekey International go up and down completely randomly.
Pair Corralation between Oppenheimer Holdings and Wisekey International
Considering the 90-day investment horizon Oppenheimer Holdings is expected to generate 0.29 times more return on investment than Wisekey International. However, Oppenheimer Holdings is 3.5 times less risky than Wisekey International. It trades about 0.06 of its potential returns per unit of risk. Wisekey International Holding is currently generating about 0.0 per unit of risk. If you would invest 3,927 in Oppenheimer Holdings on August 29, 2024 and sell it today you would earn a total of 2,078 from holding Oppenheimer Holdings or generate 52.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Holdings vs. Wisekey International Holding
Performance |
| Timeline |
| Oppenheimer Holdings |
| Wisekey International |
Oppenheimer Holdings and Wisekey International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Holdings and Wisekey International
The main advantage of trading using opposite Oppenheimer Holdings and Wisekey International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Holdings position performs unexpectedly, Wisekey International 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 Wisekey International will offset losses from the drop in Wisekey International's long position.| Oppenheimer Holdings vs. PJT Partners | Oppenheimer Holdings vs. Houlihan Lokey | Oppenheimer Holdings vs. Stifel Financial | Oppenheimer Holdings vs. Evercore Partners |
| Wisekey International vs. SemiLEDS | Wisekey International vs. GSI Technology | Wisekey International vs. SEALSQ Corp | Wisekey International vs. WiSA Technologies |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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