Correlation Between Voya Index and Live Oak
Can any of the company-specific risk be diversified away by investing in both Voya Index and Live Oak 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 Voya Index and Live Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Index Solution and Live Oak Health, you can compare the effects of market volatilities on Voya Index and Live Oak 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 Voya Index with a short position of Live Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Index and Live Oak.
Diversification Opportunities for Voya Index and Live Oak
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Voya and Live is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Voya Index Solution and Live Oak Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Live Oak Health and Voya Index 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 Voya Index Solution are associated (or correlated) with Live Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Live Oak Health has no effect on the direction of Voya Index i.e., Voya Index and Live Oak go up and down completely randomly.
Pair Corralation between Voya Index and Live Oak
If you would invest 2,073 in Live Oak Health on October 25, 2024 and sell it today you would earn a total of 43.00 from holding Live Oak Health or generate 2.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
Voya Index Solution vs. Live Oak Health
Performance |
| Timeline |
| Voya Index Solution |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
| Live Oak Health |
Voya Index and Live Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Index and Live Oak
The main advantage of trading using opposite Voya Index and Live Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Index position performs unexpectedly, Live Oak 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 Live Oak will offset losses from the drop in Live Oak's long position.| Voya Index vs. Aqr Global Macro | Voya Index vs. Qs Global Equity | Voya Index vs. Morningstar Global Income | Voya Index vs. Gmo Global Equity |
| Live Oak vs. Black Oak Emerging | Live Oak vs. Pin Oak Equity | Live Oak vs. Red Oak Technology | Live Oak vs. White Oak Select |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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