Correlation Between Oatly Group and Nano Mobile
Can any of the company-specific risk be diversified away by investing in both Oatly Group and Nano Mobile 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 Nano Mobile 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 Nano Mobile Healthcare, you can compare the effects of market volatilities on Oatly Group and Nano Mobile 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 Nano Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oatly Group and Nano Mobile.
Diversification Opportunities for Oatly Group and Nano Mobile
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Oatly and Nano is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Oatly Group AB and Nano Mobile Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nano Mobile Healthcare 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 Nano Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nano Mobile Healthcare has no effect on the direction of Oatly Group i.e., Oatly Group and Nano Mobile go up and down completely randomly.
Pair Corralation between Oatly Group and Nano Mobile
Given the investment horizon of 90 days Oatly Group AB is expected to under-perform the Nano Mobile. But the stock apears to be less risky and, when comparing its historical volatility, Oatly Group AB is 4.4 times less risky than Nano Mobile. The stock trades about -0.03 of its potential returns per unit of risk. The Nano Mobile Healthcare is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 0.03 in Nano Mobile Healthcare on September 12, 2024 and sell it today you would lose (0.01) from holding Nano Mobile Healthcare or give up 33.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oatly Group AB vs. Nano Mobile Healthcare
Performance |
| Timeline |
| Oatly Group AB |
| Nano Mobile Healthcare |
Oatly Group and Nano Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oatly Group and Nano Mobile
The main advantage of trading using opposite Oatly Group and Nano Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oatly Group position performs unexpectedly, Nano Mobile 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 Nano Mobile will offset losses from the drop in Nano Mobile'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 |
| Nano Mobile vs. Brandywine Realty Trust | Nano Mobile vs. The Coca Cola | Nano Mobile vs. Oatly Group AB | Nano Mobile vs. Nascent Wine |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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