Correlation Between Marine Products and OneStream,

Can any of the company-specific risk be diversified away by investing in both Marine Products and OneStream, 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 Marine Products and OneStream, into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Marine Products and OneStream, Class A, you can compare the effects of market volatilities on Marine Products and OneStream, 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 Marine Products with a short position of OneStream,. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marine Products and OneStream,.

Diversification Opportunities for Marine Products and OneStream,

0.82

Correlation Coefficient

Marine Products  OneStream,

Very poor diversification

The 3 months correlation between Marine and OneStream, is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Marine Products and OneStream, Class A in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OneStream, Class A and Marine Products 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 Marine Products are associated (or correlated) with OneStream,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OneStream, Class A has no effect on the direction of Marine Products i.e., Marine Products and OneStream, go up and down completely randomly.

Pair Corralation between Marine Products and OneStream,

Considering the 90-day investment horizon Marine Products is expected to generate 0.55 times more return on investment than OneStream,. However, Marine Products is 1.81 times less risky than OneStream,. It trades about -0.06 of its potential returns per unit of risk. OneStream, Class A is currently generating about -0.11 per unit of risk. If you would invest  920.00  in Marine Products on December 20, 2024 and sell it today you would lose (77.00) from holding Marine Products or give up 8.37% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Strong
Accuracy	100.0%
Values	Daily Returns

Marine Products  vs.  OneStream, Class A

Marine Products

Risk-Adjusted Performance

Very Weak

Over the last 90 days Marine Products has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unfluctuating performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

OneStream, Class A

Risk-Adjusted Performance

Very Weak

Over the last 90 days OneStream, Class A has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain comparatively stable which may send shares a bit higher in April 2025. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Pair Trading with Marine Products and OneStream,

The main advantage of trading using opposite Marine Products and OneStream, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marine Products position performs unexpectedly, OneStream, 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 OneStream, will offset losses from the drop in OneStream,'s long position.

The idea behind Marine Products and OneStream, Class A pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.