Correlation Between Olympic Steel and JEFFERIES
Specify exactly 2 symbols:
By analyzing existing cross correlation between Olympic Steel and JEFFERIES GROUP LLC, you can compare the effects of market volatilities on Olympic Steel and JEFFERIES 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 Olympic Steel with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Steel and JEFFERIES.
Diversification Opportunities for Olympic Steel and JEFFERIES
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Olympic and JEFFERIES is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Steel and JEFFERIES GROUP LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP LLC and Olympic Steel 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 Olympic Steel are associated (or correlated) with JEFFERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JEFFERIES GROUP LLC has no effect on the direction of Olympic Steel i.e., Olympic Steel and JEFFERIES go up and down completely randomly.
Pair Corralation between Olympic Steel and JEFFERIES
Given the investment horizon of 90 days Olympic Steel is expected to generate 0.88 times more return on investment than JEFFERIES. However, Olympic Steel is 1.14 times less risky than JEFFERIES. It trades about 0.04 of its potential returns per unit of risk. JEFFERIES GROUP LLC is currently generating about -0.13 per unit of risk. If you would invest 3,339 in Olympic Steel on October 22, 2024 and sell it today you would earn a total of 33.00 from holding Olympic Steel or generate 0.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Olympic Steel vs. JEFFERIES GROUP LLC
Performance |
| Timeline |
| Olympic Steel |
| JEFFERIES GROUP LLC |
Olympic Steel and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Steel and JEFFERIES
The main advantage of trading using opposite Olympic Steel and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Steel position performs unexpectedly, JEFFERIES 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 JEFFERIES will offset losses from the drop in JEFFERIES's long position.| Olympic Steel vs. Universal Stainless Alloy | Olympic Steel vs. Outokumpu Oyj ADR | Olympic Steel vs. Usinas Siderurgicas de | Olympic Steel vs. POSCO Holdings |
| JEFFERIES vs. X FAB Silicon Foundries | JEFFERIES vs. Olympic Steel | JEFFERIES vs. NL Industries | JEFFERIES vs. Avient Corp |
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.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |