Correlation Between Oatly Group and 00108WAF7
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By analyzing existing cross correlation between Oatly Group AB and AEP TEX INC, you can compare the effects of market volatilities on Oatly Group and 00108WAF7 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 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and 00108WAF7.
Diversification Opportunities for Oatly Group and 00108WAF7
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Oatly and 00108WAF7 is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC 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 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of Oatly Group i.e., Oatly Group and 00108WAF7 go up and down completely randomly.
Pair Corralation between Oatly Group and 00108WAF7
Given the investment horizon of 90 days Oatly Group is expected to generate 1.29 times less return on investment than 00108WAF7. In addition to that, Oatly Group is 1.32 times more volatile than AEP TEX INC. It trades about 0.05 of its total potential returns per unit of risk. AEP TEX INC is currently generating about 0.09 per unit of volatility. If you would invest 7,424 in AEP TEX INC on September 13, 2024 and sell it today you would earn a total of 244.00 from holding AEP TEX INC or generate 3.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
Oatly Group AB vs. AEP TEX INC
Performance |
| Timeline |
| Oatly Group AB |
| AEP TEX INC |
Oatly Group and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and 00108WAF7
The main advantage of trading using opposite Oatly Group and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
| 00108WAF7 vs. Dream Finders Homes | 00108WAF7 vs. ReTo Eco Solutions | 00108WAF7 vs. Magna International | 00108WAF7 vs. Tyson Foods |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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