Correlation Between Oatly Group and BAYNGR
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By analyzing existing cross correlation between Oatly Group AB and BAYNGR 4625 25 JUN 38, you can compare the effects of market volatilities on Oatly Group and BAYNGR 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 BAYNGR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and BAYNGR.
Diversification Opportunities for Oatly Group and BAYNGR
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oatly and BAYNGR is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and BAYNGR 4625 25 JUN 38 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BAYNGR 4625 25 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 BAYNGR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BAYNGR 4625 25 has no effect on the direction of Oatly Group i.e., Oatly Group and BAYNGR go up and down completely randomly.
Pair Corralation between Oatly Group and BAYNGR
Given the investment horizon of 90 days Oatly Group is expected to generate 1.06 times less return on investment than BAYNGR. In addition to that, Oatly Group is 7.02 times more volatile than BAYNGR 4625 25 JUN 38. It trades about 0.03 of its total potential returns per unit of risk. BAYNGR 4625 25 JUN 38 is currently generating about 0.23 per unit of volatility. If you would invest 8,605 in BAYNGR 4625 25 JUN 38 on September 13, 2024 and sell it today you would earn a total of 155.00 from holding BAYNGR 4625 25 JUN 38 or generate 1.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 63.64% |
| Values | Daily Returns |
Oatly Group AB vs. BAYNGR 4625 25 JUN 38
Performance |
| Timeline |
| Oatly Group AB |
| BAYNGR 4625 25 |
Oatly Group and BAYNGR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and BAYNGR
The main advantage of trading using opposite Oatly Group and BAYNGR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, BAYNGR 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 BAYNGR will offset losses from the drop in BAYNGR's long position.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
| BAYNGR vs. Academy Sports Outdoors | BAYNGR vs. Apogee Enterprises | BAYNGR vs. Uranium Energy Corp | BAYNGR vs. Harmony Gold Mining |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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