Correlation Between Oatly Group and 037389AK9
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By analyzing existing cross correlation between Oatly Group AB and AON P 8205, you can compare the effects of market volatilities on Oatly Group and 037389AK9 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 037389AK9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and 037389AK9.
Diversification Opportunities for Oatly Group and 037389AK9
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Oatly and 037389AK9 is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and AON P 8205 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AON P 8205 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 037389AK9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AON P 8205 has no effect on the direction of Oatly Group i.e., Oatly Group and 037389AK9 go up and down completely randomly.
Pair Corralation between Oatly Group and 037389AK9
Given the investment horizon of 90 days Oatly Group AB is expected to under-perform the 037389AK9. In addition to that, Oatly Group is 12.78 times more volatile than AON P 8205. It trades about -0.06 of its total potential returns per unit of risk. AON P 8205 is currently generating about -0.04 per unit of volatility. If you would invest 10,720 in AON P 8205 on September 4, 2024 and sell it today you would lose (26.00) from holding AON P 8205 or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 52.38% |
| Values | Daily Returns |
Oatly Group AB vs. AON P 8205
Performance |
| Timeline |
| Oatly Group AB |
| AON P 8205 |
Oatly Group and 037389AK9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and 037389AK9
The main advantage of trading using opposite Oatly Group and 037389AK9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, 037389AK9 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 037389AK9 will offset losses from the drop in 037389AK9's long position.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
| 037389AK9 vs. Celsius Holdings | 037389AK9 vs. Keurig Dr Pepper | 037389AK9 vs. Oatly Group AB | 037389AK9 vs. Simpson Manufacturing |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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