Correlation Between Oxurion NV and Apple
Can any of the company-specific risk be diversified away by investing in both Oxurion NV and Apple 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 Oxurion NV and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxurion NV and Apple Inc, you can compare the effects of market volatilities on Oxurion NV and Apple 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 Oxurion NV with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxurion NV and Apple.
Diversification Opportunities for Oxurion NV and Apple
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oxurion and Apple is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Oxurion NV and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Oxurion NV 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 Oxurion NV are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Oxurion NV i.e., Oxurion NV and Apple go up and down completely randomly.
Pair Corralation between Oxurion NV and Apple
Assuming the 90 days horizon Oxurion NV is expected to under-perform the Apple. In addition to that, Oxurion NV is 4.86 times more volatile than Apple Inc. It trades about -0.58 of its total potential returns per unit of risk. Apple Inc is currently generating about 0.2 per unit of volatility. If you would invest 21,260 in Apple Inc on August 31, 2024 and sell it today you would earn a total of 1,055 from holding Apple Inc or generate 4.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 13.64% |
| Values | Daily Returns |
Oxurion NV vs. Apple Inc
Performance |
| Timeline |
| Oxurion NV |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Apple Inc |
Oxurion NV and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxurion NV and Apple
The main advantage of trading using opposite Oxurion NV and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxurion NV position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| Oxurion NV vs. Molson Coors Beverage | Oxurion NV vs. RYU Apparel | Oxurion NV vs. MOLSON RS BEVERAGE | Oxurion NV vs. INTERCONT HOTELS |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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