Correlation Between Oxurion NV and CSX
Can any of the company-specific risk be diversified away by investing in both Oxurion NV and CSX 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 CSX into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxurion NV and CSX Corporation, you can compare the effects of market volatilities on Oxurion NV and CSX 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 CSX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxurion NV and CSX.
Diversification Opportunities for Oxurion NV and CSX
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Oxurion and CSX is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Oxurion NV and CSX Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSX Corporation 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 CSX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSX Corporation has no effect on the direction of Oxurion NV i.e., Oxurion NV and CSX go up and down completely randomly.
Pair Corralation between Oxurion NV and CSX
Assuming the 90 days horizon Oxurion NV is expected to generate 2.14 times less return on investment than CSX. In addition to that, Oxurion NV is 2.96 times more volatile than CSX Corporation. It trades about 0.03 of its total potential returns per unit of risk. CSX Corporation is currently generating about 0.2 per unit of volatility. If you would invest 3,065 in CSX Corporation on August 30, 2024 and sell it today you would earn a total of 388.00 from holding CSX Corporation or generate 12.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 17.39% |
| Values | Daily Returns |
Oxurion NV vs. CSX Corp.
Performance |
| Timeline |
| Oxurion NV |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CSX Corporation |
Oxurion NV and CSX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxurion NV and CSX
The main advantage of trading using opposite Oxurion NV and CSX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxurion NV position performs unexpectedly, CSX 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 CSX will offset losses from the drop in CSX's long position.| Oxurion NV vs. GLG LIFE TECH | Oxurion NV vs. AAC TECHNOLOGHLDGADR | Oxurion NV vs. ACCSYS TECHPLC EO | Oxurion NV vs. Perseus Mining Limited |
| CSX vs. UMC Electronics Co | CSX vs. AOI Electronics Co | CSX vs. Gladstone Investment | CSX vs. AOYAMA TRADING |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |