Correlation Between Oatly Group and ENSTAR

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Can any of the company-specific risk be diversified away by investing in both Oatly Group and ENSTAR 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 ENSTAR 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 ENSTAR FIN LLC, you can compare the effects of market volatilities on Oatly Group and ENSTAR 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 ENSTAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and ENSTAR.

Diversification Opportunities for Oatly Group and ENSTAR

0.16
  Correlation Coefficient

Average diversification

The 3 months correlation between Oatly and ENSTAR is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and ENSTAR FIN LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENSTAR FIN LLC 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 ENSTAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENSTAR FIN LLC has no effect on the direction of Oatly Group i.e., Oatly Group and ENSTAR go up and down completely randomly.

Pair Corralation between Oatly Group and ENSTAR

Given the investment horizon of 90 days Oatly Group AB is expected to generate 1.35 times more return on investment than ENSTAR. However, Oatly Group is 1.35 times more volatile than ENSTAR FIN LLC. It trades about -0.05 of its potential returns per unit of risk. ENSTAR FIN LLC is currently generating about -0.22 per unit of risk. If you would invest  76.00  in Oatly Group AB on September 12, 2024 and sell it today you would lose (5.00) from holding Oatly Group AB or give up 6.58% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy61.9%
ValuesDaily Returns

Oatly Group AB  vs.  ENSTAR FIN LLC

 Performance 
       Timeline  
Oatly Group AB 

Risk-Adjusted Performance

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Over the last 90 days Oatly Group AB has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's essential indicators remain fairly strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
ENSTAR FIN LLC 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days ENSTAR FIN LLC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Bond's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for ENSTAR FIN LLC investors.

Oatly Group and ENSTAR Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Oatly Group and ENSTAR

The main advantage of trading using opposite Oatly Group and ENSTAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, ENSTAR 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 ENSTAR will offset losses from the drop in ENSTAR's long position.
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The idea behind Oatly Group AB and ENSTAR FIN LLC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.

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