Correlation Between SAITECH Global and Oppenheimer Holdings
Can any of the company-specific risk be diversified away by investing in both SAITECH Global and Oppenheimer Holdings 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 SAITECH Global and Oppenheimer Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SAITECH Global and Oppenheimer Holdings, you can compare the effects of market volatilities on SAITECH Global and Oppenheimer Holdings 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 SAITECH Global with a short position of Oppenheimer Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of SAITECH Global and Oppenheimer Holdings.
Diversification Opportunities for SAITECH Global and Oppenheimer Holdings
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SAITECH and Oppenheimer is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding SAITECH Global and Oppenheimer Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppenheimer Holdings and SAITECH Global 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 SAITECH Global are associated (or correlated) with Oppenheimer Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppenheimer Holdings has no effect on the direction of SAITECH Global i.e., SAITECH Global and Oppenheimer Holdings go up and down completely randomly.
Pair Corralation between SAITECH Global and Oppenheimer Holdings
Considering the 90-day investment horizon SAITECH Global is expected to generate 7.79 times more return on investment than Oppenheimer Holdings. However, SAITECH Global is 7.79 times more volatile than Oppenheimer Holdings. It trades about 0.02 of its potential returns per unit of risk. Oppenheimer Holdings is currently generating about 0.06 per unit of risk. If you would invest 306.00 in SAITECH Global on August 30, 2024 and sell it today you would lose (230.00) from holding SAITECH Global or give up 75.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.31% |
| Values | Daily Returns |
SAITECH Global vs. Oppenheimer Holdings
Performance |
| Timeline |
| SAITECH Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oppenheimer Holdings |
SAITECH Global and Oppenheimer Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SAITECH Global and Oppenheimer Holdings
The main advantage of trading using opposite SAITECH Global and Oppenheimer Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SAITECH Global position performs unexpectedly, Oppenheimer Holdings 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 Oppenheimer Holdings will offset losses from the drop in Oppenheimer Holdings' long position.| SAITECH Global vs. Zhong Yang Financial | SAITECH Global vs. Netcapital | SAITECH Global vs. Magic Empire Global | SAITECH Global vs. Applied Blockchain |
| Oppenheimer Holdings vs. PJT Partners | Oppenheimer Holdings vs. Houlihan Lokey | Oppenheimer Holdings vs. Stifel Financial | Oppenheimer Holdings vs. Evercore Partners |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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