Correlation Between Panther Metals and OneSavings Bank
Can any of the company-specific risk be diversified away by investing in both Panther Metals and OneSavings Bank 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 Panther Metals and OneSavings Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Panther Metals PLC and OneSavings Bank PLC, you can compare the effects of market volatilities on Panther Metals and OneSavings Bank 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 Panther Metals with a short position of OneSavings Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Panther Metals and OneSavings Bank.
Diversification Opportunities for Panther Metals and OneSavings Bank
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Panther and OneSavings is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Panther Metals PLC and OneSavings Bank PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneSavings Bank PLC and Panther Metals 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 Panther Metals PLC are associated (or correlated) with OneSavings Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneSavings Bank PLC has no effect on the direction of Panther Metals i.e., Panther Metals and OneSavings Bank go up and down completely randomly.
Pair Corralation between Panther Metals and OneSavings Bank
Assuming the 90 days trading horizon Panther Metals PLC is expected to generate 2.96 times more return on investment than OneSavings Bank. However, Panther Metals is 2.96 times more volatile than OneSavings Bank PLC. It trades about 0.25 of its potential returns per unit of risk. OneSavings Bank PLC is currently generating about 0.06 per unit of risk. If you would invest 9,500 in Panther Metals PLC on August 27, 2024 and sell it today you would earn a total of 2,750 from holding Panther Metals PLC or generate 28.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Panther Metals PLC vs. OneSavings Bank PLC
Performance |
| Timeline |
| Panther Metals PLC |
| OneSavings Bank PLC |
Panther Metals and OneSavings Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Panther Metals and OneSavings Bank
The main advantage of trading using opposite Panther Metals and OneSavings Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Panther Metals position performs unexpectedly, OneSavings Bank 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 OneSavings Bank will offset losses from the drop in OneSavings Bank's long position.| Panther Metals vs. Givaudan SA | Panther Metals vs. Antofagasta PLC | Panther Metals vs. Centamin PLC | Panther Metals vs. Atalaya Mining |
| OneSavings Bank vs. Batm Advanced Communications | OneSavings Bank vs. Fulcrum Metals PLC | OneSavings Bank vs. Zegona Communications Plc | OneSavings Bank vs. Gaztransport et Technigaz |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |