Correlation Between Oppenheimer Intl and Baillie Gifford
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Intl and Baillie Gifford 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 Intl and Baillie Gifford into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Intl Small and Baillie Gifford Health, you can compare the effects of market volatilities on Oppenheimer Intl and Baillie Gifford 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 Intl with a short position of Baillie Gifford. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and Baillie Gifford.
Diversification Opportunities for Oppenheimer Intl and Baillie Gifford
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oppenheimer and Baillie is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Small and Baillie Gifford Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baillie Gifford Health and Oppenheimer Intl 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 Intl Small are associated (or correlated) with Baillie Gifford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baillie Gifford Health has no effect on the direction of Oppenheimer Intl i.e., Oppenheimer Intl and Baillie Gifford go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and Baillie Gifford
Assuming the 90 days horizon Oppenheimer Intl Small is expected to generate 0.21 times more return on investment than Baillie Gifford. However, Oppenheimer Intl Small is 4.68 times less risky than Baillie Gifford. It trades about 0.13 of its potential returns per unit of risk. Baillie Gifford Health is currently generating about 0.0 per unit of risk. If you would invest 4,188 in Oppenheimer Intl Small on September 13, 2024 and sell it today you would earn a total of 59.00 from holding Oppenheimer Intl Small or generate 1.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Intl Small vs. Baillie Gifford Health
Performance |
| Timeline |
| Oppenheimer Intl Small |
| Baillie Gifford Health |
Oppenheimer Intl and Baillie Gifford Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and Baillie Gifford
The main advantage of trading using opposite Oppenheimer Intl and Baillie Gifford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl position performs unexpectedly, Baillie Gifford 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 Baillie Gifford will offset losses from the drop in Baillie Gifford's long position.| Oppenheimer Intl vs. Versatile Bond Portfolio | Oppenheimer Intl vs. Blrc Sgy Mnp | Oppenheimer Intl vs. Multisector Bond Sma | Oppenheimer Intl vs. Alliancebernstein Bond |
| Baillie Gifford vs. Jhancock Disciplined Value | Baillie Gifford vs. Aqr Large Cap | Baillie Gifford vs. Fisher Large Cap | Baillie Gifford vs. Enhanced Large Pany |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |