Correlation Between Osiris Acquisition and Hayward Holdings
Can any of the company-specific risk be diversified away by investing in both Osiris Acquisition and Hayward Holdings 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 Osiris Acquisition and Hayward Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Osiris Acquisition Corp and Hayward Holdings, you can compare the effects of market volatilities on Osiris Acquisition and Hayward Holdings 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 Osiris Acquisition with a short position of Hayward Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Osiris Acquisition and Hayward Holdings.
Diversification Opportunities for Osiris Acquisition and Hayward Holdings
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Osiris and Hayward is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Osiris Acquisition Corp and Hayward Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hayward Holdings and Osiris Acquisition 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 Osiris Acquisition Corp are associated (or correlated) with Hayward Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hayward Holdings has no effect on the direction of Osiris Acquisition i.e., Osiris Acquisition and Hayward Holdings go up and down completely randomly.
Pair Corralation between Osiris Acquisition and Hayward Holdings
If you would invest 1,389 in Hayward Holdings on September 3, 2024 and sell it today you would earn a total of 227.00 from holding Hayward Holdings or generate 16.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 0.8% |
| Values | Daily Returns |
Osiris Acquisition Corp vs. Hayward Holdings
Performance |
| Timeline |
| Osiris Acquisition Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Hayward Holdings |
Osiris Acquisition and Hayward Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Osiris Acquisition and Hayward Holdings
The main advantage of trading using opposite Osiris Acquisition and Hayward Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Osiris Acquisition position performs unexpectedly, Hayward Holdings 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 Hayward Holdings will offset losses from the drop in Hayward Holdings' long position.| Osiris Acquisition vs. Brinker International | Osiris Acquisition vs. Ryan Specialty Group | Osiris Acquisition vs. Ultragenyx | Osiris Acquisition vs. Willscot Mobile Mini |
| Hayward Holdings vs. Kimball Electronics | Hayward Holdings vs. Enersys | Hayward Holdings vs. Espey Mfg Electronics | Hayward Holdings vs. Energizer Holdings |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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