Correlation Between Oracle and Appgate
Can any of the company-specific risk be diversified away by investing in both Oracle and Appgate 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 Oracle and Appgate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oracle and Appgate, you can compare the effects of market volatilities on Oracle and Appgate 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 Oracle with a short position of Appgate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oracle and Appgate.
Diversification Opportunities for Oracle and Appgate
Pay attention - limited upside
The 3 months correlation between Oracle and Appgate is -0.89. Overlapping area represents the amount of risk that can be diversified away by holding Oracle and Appgate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Appgate and Oracle 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 Oracle are associated (or correlated) with Appgate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Appgate has no effect on the direction of Oracle i.e., Oracle and Appgate go up and down completely randomly.
Pair Corralation between Oracle and Appgate
If you would invest 16,543 in Oracle on August 25, 2024 and sell it today you would earn a total of 2,686 from holding Oracle or generate 16.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 2.22% |
| Values | Daily Returns |
Oracle vs. Appgate
Performance |
| Timeline |
| Oracle |
| Appgate |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oracle and Appgate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oracle and Appgate
The main advantage of trading using opposite Oracle and Appgate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oracle position performs unexpectedly, Appgate 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 Appgate will offset losses from the drop in Appgate's long position.| Oracle vs. Palo Alto Networks | Oracle vs. Crowdstrike Holdings | Oracle vs. Microsoft | Oracle vs. Block Inc |
| Appgate vs. Tingo Inc | Appgate vs. Palo Alto Networks | Appgate vs. Palantir Technologies | Appgate vs. Arax Holdings Corp |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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