Correlation Between Coronation Global and Oceana
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By analyzing existing cross correlation between Coronation Global Equity and Oceana, you can compare the effects of market volatilities on Coronation Global and Oceana 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 Coronation Global with a short position of Oceana. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coronation Global and Oceana.
Diversification Opportunities for Coronation Global and Oceana
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Coronation and Oceana is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Coronation Global Equity and Oceana in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oceana and Coronation Global 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 Coronation Global Equity are associated (or correlated) with Oceana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oceana has no effect on the direction of Coronation Global i.e., Coronation Global and Oceana go up and down completely randomly.
Pair Corralation between Coronation Global and Oceana
Assuming the 90 days trading horizon Coronation Global Equity is expected to generate 1.05 times more return on investment than Oceana. However, Coronation Global is 1.05 times more volatile than Oceana. It trades about 0.29 of its potential returns per unit of risk. Oceana is currently generating about 0.06 per unit of risk. If you would invest 219.00 in Coronation Global Equity on September 12, 2024 and sell it today you would earn a total of 46.00 from holding Coronation Global Equity or generate 21.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 98.44% |
Values | Daily Returns |
Coronation Global Equity vs. Oceana
Performance |
Timeline |
Coronation Global Equity |
Oceana |
Coronation Global and Oceana Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Coronation Global and Oceana
The main advantage of trading using opposite Coronation Global and Oceana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coronation Global position performs unexpectedly, Oceana 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 Oceana will offset losses from the drop in Oceana's long position.Coronation Global vs. NewFunds Low Volatility | Coronation Global vs. Sasol Ltd Bee | Coronation Global vs. Centaur Bci Balanced | Coronation Global vs. AfricaRhodium ETF |
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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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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