Correlation Between OFFICE DEPOT and COFCO Joycome
Can any of the company-specific risk be diversified away by investing in both OFFICE DEPOT and COFCO Joycome 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 OFFICE DEPOT and COFCO Joycome into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OFFICE DEPOT and COFCO Joycome Foods, you can compare the effects of market volatilities on OFFICE DEPOT and COFCO Joycome 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 OFFICE DEPOT with a short position of COFCO Joycome. Check out your portfolio center. Please also check ongoing floating volatility patterns of OFFICE DEPOT and COFCO Joycome.
Diversification Opportunities for OFFICE DEPOT and COFCO Joycome
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OFFICE and COFCO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OFFICE DEPOT and COFCO Joycome Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COFCO Joycome Foods and OFFICE DEPOT 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 OFFICE DEPOT are associated (or correlated) with COFCO Joycome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COFCO Joycome Foods has no effect on the direction of OFFICE DEPOT i.e., OFFICE DEPOT and COFCO Joycome go up and down completely randomly.
Pair Corralation between OFFICE DEPOT and COFCO Joycome
If you would invest 1,920 in OFFICE DEPOT on November 18, 2024 and sell it today you would earn a total of 0.00 from holding OFFICE DEPOT or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.36% |
Values | Daily Returns |
OFFICE DEPOT vs. COFCO Joycome Foods
Performance |
Timeline |
OFFICE DEPOT |
COFCO Joycome Foods |
OFFICE DEPOT and COFCO Joycome Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with OFFICE DEPOT and COFCO Joycome
The main advantage of trading using opposite OFFICE DEPOT and COFCO Joycome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OFFICE DEPOT position performs unexpectedly, COFCO Joycome 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 COFCO Joycome will offset losses from the drop in COFCO Joycome's long position.OFFICE DEPOT vs. Compugroup Medical SE | ||
OFFICE DEPOT vs. PULSION Medical Systems | ||
OFFICE DEPOT vs. Compagnie Plastic Omnium | ||
OFFICE DEPOT vs. Clearside Biomedical |
COFCO Joycome vs. Air Lease | ||
COFCO Joycome vs. Vishay Intertechnology | ||
COFCO Joycome vs. Firan Technology Group | ||
COFCO Joycome vs. Easy Software AG |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Content Syndication Quickly integrate customizable finance content to your own investment portal |