Correlation Between Pintec Technology and Osisko Development
Can any of the company-specific risk be diversified away by investing in both Pintec Technology and Osisko Development 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 Pintec Technology and Osisko Development into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pintec Technology Holdings and Osisko Development Corp, you can compare the effects of market volatilities on Pintec Technology and Osisko Development 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 Pintec Technology with a short position of Osisko Development. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pintec Technology and Osisko Development.
Diversification Opportunities for Pintec Technology and Osisko Development
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Pintec and Osisko is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Pintec Technology Holdings and Osisko Development Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Osisko Development Corp and Pintec Technology 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 Pintec Technology Holdings are associated (or correlated) with Osisko Development. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Osisko Development Corp has no effect on the direction of Pintec Technology i.e., Pintec Technology and Osisko Development go up and down completely randomly.
Pair Corralation between Pintec Technology and Osisko Development
Allowing for the 90-day total investment horizon Pintec Technology Holdings is expected to generate 0.19 times more return on investment than Osisko Development. However, Pintec Technology Holdings is 5.38 times less risky than Osisko Development. It trades about 0.21 of its potential returns per unit of risk. Osisko Development Corp is currently generating about -0.18 per unit of risk. If you would invest 90.00 in Pintec Technology Holdings on October 20, 2024 and sell it today you would earn a total of 10.00 from holding Pintec Technology Holdings or generate 11.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 55.0% |
| Values | Daily Returns |
Pintec Technology Holdings vs. Osisko Development Corp
Performance |
| Timeline |
| Pintec Technology |
| Osisko Development Corp |
Pintec Technology and Osisko Development Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pintec Technology and Osisko Development
The main advantage of trading using opposite Pintec Technology and Osisko Development positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pintec Technology position performs unexpectedly, Osisko Development 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 Osisko Development will offset losses from the drop in Osisko Development's long position.| Pintec Technology vs. Upstart Holdings | Pintec Technology vs. Affirm Holdings | Pintec Technology vs. Lucid Group | Pintec Technology vs. Palantir Technologies Class |
| Osisko Development vs. Pintec Technology Holdings | Osisko Development vs. Cheche Group Class | Osisko Development vs. Transcontinental Realty Investors | Osisko Development vs. Park National |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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