Correlation Between Cohen Steers and Oxford Lane
Can any of the company-specific risk be diversified away by investing in both Cohen Steers and Oxford Lane 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 Cohen Steers and Oxford Lane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Total and Oxford Lane Capital, you can compare the effects of market volatilities on Cohen Steers and Oxford Lane 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 Cohen Steers with a short position of Oxford Lane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Oxford Lane.
Diversification Opportunities for Cohen Steers and Oxford Lane
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cohen and Oxford is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Total and Oxford Lane Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Lane Capital and Cohen Steers 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 Cohen Steers Total are associated (or correlated) with Oxford Lane. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Lane Capital has no effect on the direction of Cohen Steers i.e., Cohen Steers and Oxford Lane go up and down completely randomly.
Pair Corralation between Cohen Steers and Oxford Lane
Considering the 90-day investment horizon Cohen Steers is expected to generate 2.15 times less return on investment than Oxford Lane. In addition to that, Cohen Steers is 1.11 times more volatile than Oxford Lane Capital. It trades about 0.03 of its total potential returns per unit of risk. Oxford Lane Capital is currently generating about 0.08 per unit of volatility. If you would invest 348.00 in Oxford Lane Capital on September 12, 2024 and sell it today you would earn a total of 175.00 from holding Oxford Lane Capital or generate 50.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Cohen Steers Total vs. Oxford Lane Capital
Performance |
| Timeline |
| Cohen Steers Total |
| Oxford Lane Capital |
Cohen Steers and Oxford Lane Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Oxford Lane
The main advantage of trading using opposite Cohen Steers and Oxford Lane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers position performs unexpectedly, Oxford Lane 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 Oxford Lane will offset losses from the drop in Oxford Lane's long position.| Cohen Steers vs. Oxford Lane Capital | Cohen Steers vs. Orchid Island Capital | Cohen Steers vs. Guggenheim Strategic Opportunities | Cohen Steers vs. Stone Harbor Emerging |
| Oxford Lane vs. Capital Southwest | Oxford Lane vs. XAI Octagon Floating | Oxford Lane vs. Cornerstone Strategic Return | Oxford Lane vs. Cornerstone Strategic Value |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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