Correlation Between Oxford Lane and Iiot Oxys
Can any of the company-specific risk be diversified away by investing in both Oxford Lane and Iiot Oxys 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 Oxford Lane and Iiot Oxys into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxford Lane Capital and Iiot Oxys, you can compare the effects of market volatilities on Oxford Lane and Iiot Oxys 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 Oxford Lane with a short position of Iiot Oxys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford Lane and Iiot Oxys.
Diversification Opportunities for Oxford Lane and Iiot Oxys
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oxford and Iiot is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Oxford Lane Capital and Iiot Oxys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Iiot Oxys and Oxford Lane 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 Oxford Lane Capital are associated (or correlated) with Iiot Oxys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Iiot Oxys has no effect on the direction of Oxford Lane i.e., Oxford Lane and Iiot Oxys go up and down completely randomly.
Pair Corralation between Oxford Lane and Iiot Oxys
Given the investment horizon of 90 days Oxford Lane is expected to generate 42.17 times less return on investment than Iiot Oxys. But when comparing it to its historical volatility, Oxford Lane Capital is 25.49 times less risky than Iiot Oxys. It trades about 0.1 of its potential returns per unit of risk. Iiot Oxys is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 0.09 in Iiot Oxys on November 28, 2024 and sell it today you would earn a total of 0.03 from holding Iiot Oxys or generate 33.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oxford Lane Capital vs. Iiot Oxys
Performance |
| Timeline |
| Oxford Lane Capital |
| Iiot Oxys |
Oxford Lane and Iiot Oxys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford Lane and Iiot Oxys
The main advantage of trading using opposite Oxford Lane and Iiot Oxys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford Lane position performs unexpectedly, Iiot Oxys 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 Iiot Oxys will offset losses from the drop in Iiot Oxys' long position.| Oxford Lane vs. Capital Southwest | Oxford Lane vs. XAI Octagon Floating | Oxford Lane vs. Cornerstone Strategic Return | Oxford Lane vs. Cornerstone Strategic Value |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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