Correlation Between Oesterr Post and IShares ATX
Can any of the company-specific risk be diversified away by investing in both Oesterr Post and IShares ATX 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 Oesterr Post and IShares ATX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oesterr Post AG and iShares ATX UCITS, you can compare the effects of market volatilities on Oesterr Post and IShares ATX 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 Oesterr Post with a short position of IShares ATX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oesterr Post and IShares ATX.
Diversification Opportunities for Oesterr Post and IShares ATX
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Oesterr and IShares is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Oesterr Post AG and iShares ATX UCITS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares ATX UCITS and Oesterr Post 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 Oesterr Post AG are associated (or correlated) with IShares ATX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares ATX UCITS has no effect on the direction of Oesterr Post i.e., Oesterr Post and IShares ATX go up and down completely randomly.
Pair Corralation between Oesterr Post and IShares ATX
Assuming the 90 days trading horizon Oesterr Post AG is expected to under-perform the IShares ATX. In addition to that, Oesterr Post is 1.12 times more volatile than iShares ATX UCITS. It trades about -0.02 of its total potential returns per unit of risk. iShares ATX UCITS is currently generating about 0.03 per unit of volatility. If you would invest 3,390 in iShares ATX UCITS on August 30, 2024 and sell it today you would earn a total of 347.00 from holding iShares ATX UCITS or generate 10.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oesterr Post AG vs. iShares ATX UCITS
Performance |
| Timeline |
| Oesterr Post AG |
| iShares ATX UCITS |
Oesterr Post and IShares ATX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oesterr Post and IShares ATX
The main advantage of trading using opposite Oesterr Post and IShares ATX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oesterr Post position performs unexpectedly, IShares ATX 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 IShares ATX will offset losses from the drop in IShares ATX's long position.| Oesterr Post vs. Voestalpine AG | Oesterr Post vs. VERBUND AG | Oesterr Post vs. OMV Aktiengesellschaft | Oesterr Post vs. Wienerberger AG |
| IShares ATX vs. iShares Core DAX | IShares ATX vs. RATH Aktiengesellschaft | IShares ATX vs. AT S Austria | IShares ATX vs. BAWAG Group AG |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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