Correlation Between Ocumetics Technology and Condor Energies
Can any of the company-specific risk be diversified away by investing in both Ocumetics Technology and Condor Energies 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 Ocumetics Technology and Condor Energies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ocumetics Technology Corp and Condor Energies, you can compare the effects of market volatilities on Ocumetics Technology and Condor Energies 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 Ocumetics Technology with a short position of Condor Energies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ocumetics Technology and Condor Energies.
Diversification Opportunities for Ocumetics Technology and Condor Energies
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ocumetics and Condor is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Ocumetics Technology Corp and Condor Energies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Condor Energies and Ocumetics Technology 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 Ocumetics Technology Corp are associated (or correlated) with Condor Energies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Condor Energies has no effect on the direction of Ocumetics Technology i.e., Ocumetics Technology and Condor Energies go up and down completely randomly.
Pair Corralation between Ocumetics Technology and Condor Energies
Assuming the 90 days horizon Ocumetics Technology is expected to generate 28.88 times less return on investment than Condor Energies. But when comparing it to its historical volatility, Ocumetics Technology Corp is 1.36 times less risky than Condor Energies. It trades about 0.0 of its potential returns per unit of risk. Condor Energies is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 102.00 in Condor Energies on September 12, 2024 and sell it today you would earn a total of 86.00 from holding Condor Energies or generate 84.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ocumetics Technology Corp vs. Condor Energies
Performance |
| Timeline |
| Ocumetics Technology Corp |
| Condor Energies |
Ocumetics Technology and Condor Energies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ocumetics Technology and Condor Energies
The main advantage of trading using opposite Ocumetics Technology and Condor Energies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ocumetics Technology position performs unexpectedly, Condor Energies 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 Condor Energies will offset losses from the drop in Condor Energies' long position.| Ocumetics Technology vs. Premium Income | Ocumetics Technology vs. E L Financial Corp | Ocumetics Technology vs. Fairfax Financial Holdings | Ocumetics Technology vs. Fairfax Fin Hld |
| Condor Energies vs. Data Communications Management | Condor Energies vs. Thunderbird Entertainment Group | Condor Energies vs. Dream Industrial Real | Condor Energies vs. Diamond Estates Wines |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |