Correlation Between Oxurion NV and ATHENE HOLDING
Can any of the company-specific risk be diversified away by investing in both Oxurion NV and ATHENE HOLDING 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 ATHENE HOLDING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxurion NV and ATHENE HOLDING PRFSERC, you can compare the effects of market volatilities on Oxurion NV and ATHENE HOLDING 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 ATHENE HOLDING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxurion NV and ATHENE HOLDING.
Diversification Opportunities for Oxurion NV and ATHENE HOLDING
-0.88 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oxurion and ATHENE is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding Oxurion NV and ATHENE HOLDING PRFSERC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATHENE HOLDING PRFSERC 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 ATHENE HOLDING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATHENE HOLDING PRFSERC has no effect on the direction of Oxurion NV i.e., Oxurion NV and ATHENE HOLDING go up and down completely randomly.
Pair Corralation between Oxurion NV and ATHENE HOLDING
Assuming the 90 days horizon Oxurion NV is expected to generate 9.54 times more return on investment than ATHENE HOLDING. However, Oxurion NV is 9.54 times more volatile than ATHENE HOLDING PRFSERC. It trades about 0.13 of its potential returns per unit of risk. ATHENE HOLDING PRFSERC is currently generating about 0.25 per unit of risk. If you would invest 27.00 in Oxurion NV on August 29, 2024 and sell it today you would earn a total of 1.00 from holding Oxurion NV or generate 3.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 21.74% |
| Values | Daily Returns |
Oxurion NV vs. ATHENE HOLDING PRFSERC
Performance |
| Timeline |
| Oxurion NV |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ATHENE HOLDING PRFSERC |
Oxurion NV and ATHENE HOLDING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxurion NV and ATHENE HOLDING
The main advantage of trading using opposite Oxurion NV and ATHENE HOLDING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxurion NV position performs unexpectedly, ATHENE HOLDING 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 ATHENE HOLDING will offset losses from the drop in ATHENE HOLDING's long position.| Oxurion NV vs. KIMBALL ELECTRONICS | Oxurion NV vs. Sixt Leasing SE | Oxurion NV vs. SOFI TECHNOLOGIES | Oxurion NV vs. Nucletron Electronic Aktiengesellschaft |
| ATHENE HOLDING vs. ADRIATIC METALS LS 013355 | ATHENE HOLDING vs. LION ONE METALS | ATHENE HOLDING vs. Evolution Mining Limited | ATHENE HOLDING vs. ScanSource |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |