Correlation Between Oatly Group and 89788MAK8
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By analyzing existing cross correlation between Oatly Group AB and TFC 6123 28 OCT 33, you can compare the effects of market volatilities on Oatly Group and 89788MAK8 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 89788MAK8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and 89788MAK8.
Diversification Opportunities for Oatly Group and 89788MAK8
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oatly and 89788MAK8 is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and TFC 6123 28 OCT 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TFC 6123 28 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 89788MAK8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TFC 6123 28 has no effect on the direction of Oatly Group i.e., Oatly Group and 89788MAK8 go up and down completely randomly.
Pair Corralation between Oatly Group and 89788MAK8
Given the investment horizon of 90 days Oatly Group AB is expected to under-perform the 89788MAK8. In addition to that, Oatly Group is 12.79 times more volatile than TFC 6123 28 OCT 33. It trades about -0.08 of its total potential returns per unit of risk. TFC 6123 28 OCT 33 is currently generating about 0.06 per unit of volatility. If you would invest 10,460 in TFC 6123 28 OCT 33 on September 5, 2024 and sell it today you would earn a total of 56.00 from holding TFC 6123 28 OCT 33 or generate 0.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Oatly Group AB vs. TFC 6123 28 OCT 33
Performance |
| Timeline |
| Oatly Group AB |
| TFC 6123 28 |
Oatly Group and 89788MAK8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and 89788MAK8
The main advantage of trading using opposite Oatly Group and 89788MAK8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, 89788MAK8 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 89788MAK8 will offset losses from the drop in 89788MAK8's long position.| Oatly Group vs. Monster Beverage Corp | Oatly Group vs. Vita Coco | Oatly Group vs. PepsiCo | Oatly Group vs. The Coca Cola |
| 89788MAK8 vs. AEP TEX INC | 89788MAK8 vs. US BANK NATIONAL | 89788MAK8 vs. MetLife | 89788MAK8 vs. Brera Holdings PLC |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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