Correlation Between Oatly Group and Norra Metals
Can any of the company-specific risk be diversified away by investing in both Oatly Group and Norra Metals 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 Oatly Group and Norra Metals into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oatly Group AB and Norra Metals Corp, you can compare the effects of market volatilities on Oatly Group and Norra Metals 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 Oatly Group with a short position of Norra Metals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and Norra Metals.
Diversification Opportunities for Oatly Group and Norra Metals
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oatly and Norra is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and Norra Metals Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Norra Metals Corp and Oatly Group 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 Oatly Group AB are associated (or correlated) with Norra Metals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Norra Metals Corp has no effect on the direction of Oatly Group i.e., Oatly Group and Norra Metals go up and down completely randomly.
Pair Corralation between Oatly Group and Norra Metals
If you would invest 61.00 in Oatly Group AB on October 25, 2024 and sell it today you would earn a total of 7.00 from holding Oatly Group AB or generate 11.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oatly Group AB vs. Norra Metals Corp
Performance |
| Timeline |
| Oatly Group AB |
| Norra Metals Corp |
Oatly Group and Norra Metals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and Norra Metals
The main advantage of trading using opposite Oatly Group and Norra Metals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, Norra Metals 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 Norra Metals will offset losses from the drop in Norra Metals' long position.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
| Norra Metals vs. Oatly Group AB | Norra Metals vs. Sunlands Technology Group | Norra Metals vs. Sun Country Airlines | Norra Metals vs. MPLX LP |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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