Correlation Between Oatly Group and 87264ABR5
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By analyzing existing cross correlation between Oatly Group AB and US87264ABR59, you can compare the effects of market volatilities on Oatly Group and 87264ABR5 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 87264ABR5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and 87264ABR5.
Diversification Opportunities for Oatly Group and 87264ABR5
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oatly and 87264ABR5 is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and US87264ABR59 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US87264ABR59 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 87264ABR5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US87264ABR59 has no effect on the direction of Oatly Group i.e., Oatly Group and 87264ABR5 go up and down completely randomly.
Pair Corralation between Oatly Group and 87264ABR5
Given the investment horizon of 90 days Oatly Group AB is expected to under-perform the 87264ABR5. In addition to that, Oatly Group is 3.61 times more volatile than US87264ABR59. It trades about -0.08 of its total potential returns per unit of risk. US87264ABR59 is currently generating about -0.06 per unit of volatility. If you would invest 9,688 in US87264ABR59 on September 5, 2024 and sell it today you would lose (228.00) from holding US87264ABR59 or give up 2.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Oatly Group AB vs. US87264ABR59
Performance |
| Timeline |
| Oatly Group AB |
| US87264ABR59 |
Oatly Group and 87264ABR5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and 87264ABR5
The main advantage of trading using opposite Oatly Group and 87264ABR5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, 87264ABR5 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 87264ABR5 will offset losses from the drop in 87264ABR5's long position.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
| 87264ABR5 vs. CF Industries Holdings | 87264ABR5 vs. Hawkins | 87264ABR5 vs. Canlan Ice Sports | 87264ABR5 vs. Sealed Air |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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