Correlation Between Regal Funds and OOhMedia
Can any of the company-specific risk be diversified away by investing in both Regal Funds and OOhMedia 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 Regal Funds and OOhMedia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regal Funds Management and oOhMedia, you can compare the effects of market volatilities on Regal Funds and OOhMedia 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 Regal Funds with a short position of OOhMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regal Funds and OOhMedia.
Diversification Opportunities for Regal Funds and OOhMedia
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Regal and OOhMedia is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Regal Funds Management and oOhMedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on oOhMedia and Regal Funds 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 Regal Funds Management are associated (or correlated) with OOhMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of oOhMedia has no effect on the direction of Regal Funds i.e., Regal Funds and OOhMedia go up and down completely randomly.
Pair Corralation between Regal Funds and OOhMedia
Assuming the 90 days trading horizon Regal Funds Management is expected to generate 1.09 times more return on investment than OOhMedia. However, Regal Funds is 1.09 times more volatile than oOhMedia. It trades about 0.02 of its potential returns per unit of risk. oOhMedia is currently generating about 0.0 per unit of risk. If you would invest 339.00 in Regal Funds Management on October 29, 2024 and sell it today you would earn a total of 45.00 from holding Regal Funds Management or generate 13.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Regal Funds Management vs. oOhMedia
Performance |
| Timeline |
| Regal Funds Management |
| oOhMedia |
Regal Funds and OOhMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regal Funds and OOhMedia
The main advantage of trading using opposite Regal Funds and OOhMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regal Funds position performs unexpectedly, OOhMedia 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 OOhMedia will offset losses from the drop in OOhMedia's long position.| Regal Funds vs. Kkr Credit Income | Regal Funds vs. Skycity Entertainment Group | Regal Funds vs. Playside Studios | Regal Funds vs. Step One Clothing |
| OOhMedia vs. Collins Foods | OOhMedia vs. Stelar Metals | OOhMedia vs. Vitura Health Limited | OOhMedia vs. Centaurus Metals |
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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