Correlation Between Oxford Industries and Ever Glory
Can any of the company-specific risk be diversified away by investing in both Oxford Industries and Ever Glory 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 Industries and Ever Glory into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxford Industries and Ever Glory International Group, you can compare the effects of market volatilities on Oxford Industries and Ever Glory 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 Industries with a short position of Ever Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford Industries and Ever Glory.
Diversification Opportunities for Oxford Industries and Ever Glory
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oxford and Ever is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Oxford Industries and Ever Glory International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ever Glory Internati and Oxford Industries 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 Industries are associated (or correlated) with Ever Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ever Glory Internati has no effect on the direction of Oxford Industries i.e., Oxford Industries and Ever Glory go up and down completely randomly.
Pair Corralation between Oxford Industries and Ever Glory
If you would invest 7,638 in Oxford Industries on August 28, 2024 and sell it today you would earn a total of 537.00 from holding Oxford Industries or generate 7.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Oxford Industries vs. Ever Glory International Group
Performance |
| Timeline |
| Oxford Industries |
| Ever Glory Internati |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Oxford Industries and Ever Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford Industries and Ever Glory
The main advantage of trading using opposite Oxford Industries and Ever Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford Industries position performs unexpectedly, Ever Glory 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 Ever Glory will offset losses from the drop in Ever Glory's long position.| Oxford Industries vs. G III Apparel Group | Oxford Industries vs. Ermenegildo Zegna NV | Oxford Industries vs. Kontoor Brands | Oxford Industries vs. Columbia Sportswear |
| Ever Glory vs. Delta Air Lines | Ever Glory vs. Air Transport Services | Ever Glory vs. Aegean Airlines SA | Ever Glory vs. Herc Holdings |
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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