Correlation Between Oatly Group and 053332BC5
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By analyzing existing cross correlation between Oatly Group AB and AZO 45 01 FEB 28, you can compare the effects of market volatilities on Oatly Group and 053332BC5 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 053332BC5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and 053332BC5.
Diversification Opportunities for Oatly Group and 053332BC5
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oatly and 053332BC5 is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and AZO 45 01 FEB 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AZO 45 01 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 053332BC5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AZO 45 01 has no effect on the direction of Oatly Group i.e., Oatly Group and 053332BC5 go up and down completely randomly.
Pair Corralation between Oatly Group and 053332BC5
Given the investment horizon of 90 days Oatly Group AB is expected to under-perform the 053332BC5. In addition to that, Oatly Group is 11.12 times more volatile than AZO 45 01 FEB 28. It trades about -0.02 of its total potential returns per unit of risk. AZO 45 01 FEB 28 is currently generating about 0.01 per unit of volatility. If you would invest 9,819 in AZO 45 01 FEB 28 on September 12, 2024 and sell it today you would earn a total of 63.00 from holding AZO 45 01 FEB 28 or generate 0.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.46% |
| Values | Daily Returns |
Oatly Group AB vs. AZO 45 01 FEB 28
Performance |
| Timeline |
| Oatly Group AB |
| AZO 45 01 |
Oatly Group and 053332BC5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and 053332BC5
The main advantage of trading using opposite Oatly Group and 053332BC5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, 053332BC5 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 053332BC5 will offset losses from the drop in 053332BC5's long position.| Oatly Group vs. Flow Beverage Corp | Oatly Group vs. Fbec Worldwide | Oatly Group vs. Hill Street Beverage | Oatly Group vs. Eq Energy Drink |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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